TotalEnergies’ move was the first major fallout after US authorities last week charged Adani’s billionaire chairman, Gautam Adani, and seven other people, with agreeing to pay around US$265 million in bribes to Indian government officials.

The Adani Group has said the accusations as well as those levelled by the US Securities and Exchange Commission in a parallel civil case are baseless and that it will seek “all possible legal recourse”.

TotalEnergies’ statement will not have any material impact on Adani Green Energy’s operations or its growth plan, Adani Green said in a stock exchange filing.

Adani Green’s shares were down 7% today, extending a decline of 8% after TotalEnergies’ statement yesterday.

The company has lost more than US$9.5 billion in market value since the US indictment.