Foreign institutional investors (FIIs) trimmed their holdings in several Adani Group companies during the September 2025 quarter, offloading shares worth more than Rs 7,000 crore across five of the conglomerate’s eight listed entities, according to shareholding data filed with the BSE.
Adani Energy Solutions witnessed the steepest selling, with FIIs unloading shares worth about Rs 2,927 crore. Their combined holding in the company fell to 13.1 percent in the second quarter from 15.9 percent in the previous quarter.
Abu Dhabi-based Envestcom Holding RSC, which previously owned 3.22 crore shares or 2.68 percent valued at roughly Rs 2,800 crore, no longer features in the latest shareholding disclosures. It remains unclear whether the investor has fully exited or if its stake has dropped below the one-percent reporting threshold. GQG Partners also pared its exposure to Adani Energy Solutions, selling shares worth about Rs 460 crore, reducing its stake to 1.86 percent from 2.3 percent in the previous quarter.
Adani Power saw the second-largest FII divestment, with foreign investors selling shares worth nearly Rs 2,580 crore. GQG Partners accounted for around Rs 660 crore of the sell-off, while other FIIs collectively offloaded shares worth about Rs 1,900 crore.
In Ambuja Cements, FIIs sold shares valued at around Rs 2,110 crore, though specific sellers were not identified in the filings. Adani Green Energy and Adani Total Gas also saw modest FII outflows, amounting to Rs 227 crore and Rs 87 crore, respectively.
On the other hand, some Adani Group firms attracted renewed foreign interest. Adani Enterprises drew fresh FII inflows of Rs 505 crore, while Adani Ports and Special Economic Zone (SEZ) and ACC Ltd received investments of Rs 272 crore and Rs 132 crore, respectively.
Domestic mutual funds largely maintained their positions across most Adani counters, with minimal changes in holdings during the quarter.
Last month, the Securities and Exchange Board of India (SEBI) gave a clean chit to the Adani Group, stating that Adani Ports & SEZ and Adani Power Ltd had not violated any regulations as alleged by US-based short-seller Hindenburg Research. Meanwhile, Gautam Adani, Asia’s second-richest person, continues to face a separate regulatory overhang stemming from an indictment filed by the US Department of Justice last year in an alleged Rs 2,083 crore ($250 million) bribery case.
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