The investment arm of Goldman Sachs dramatically reduced its exposure to Adani in its ESG portfolios in the weeks following allegations of fraud against the conglomerate by short-seller Hindenburg Research.

Goldman funds registered as promoting environmental, social and governance goals under European Union rules sold about 11.7 million shares in Adani companies in February, according to data compiled by Bloomberg. Following the retreat, Goldman Sachs Asset Management’s actively managed ESG fund exposure to Adani was limited to a stake of roughly 400,000 shares in Ambuja Cements, the data show.

Bloomberg