ESG & Investing
Adani Shock Exposes ESG Fund Bosses Caught in ‘Terrible’ Bet
- More than 770 ESG funds hold Adani Green shares, data show
- No case to be made to hold shares right now: SGMC Capital
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ESG fund managers have once again found themselves on the wrong side of a market meltdown.
Roughly 770 ESG funds worldwide hold shares of Adani Green Energy Ltd., which just lost about a quarter of its value after US prosecutors charged Gautam Adani with suspected bribery. It’s one of a group of companies in the Adani empire that made it past ESG screens, only to be dumped by investors as they digest a fresh litany of alleged breaches.