India's Adani Group's power purchase deal with the Sri Lankan government is intact, the company said on Friday, after the AFP news agency reported it had been revoked, citing a government official and a document.

Adani Green Energy shares fell nearly 6% after reaching a day’s high, following a report that Sri Lanka cancelled a $440 million power purchase agreement with the company.

Sri Lanka has revoked a 2024 power purchase agreement with Adani Green Energy for a proposed wind power plant in the Northern Province, amid corruption allegations, AFP reported on Friday (24 January).

Sri Lanka has revoked a power purchase agreement with Adani Group’s renewable energy unit after allegations of corruption levelled against the Indian conglomerate in the US last year that brought some of its foreign projects under fresh scrutiny.

Sri Lanka’s Cabinet, under President Anura Kumara Dissanayake, has canceled the award of 484 MW wind power plants in Mannar and Pooneryn to Adani Green Energy SL Ltd, a project initially granted in June 2024 by former Prime Minister Ranil Wickremesinghe.

Adani Green Energy's stock experienced a decline following the news of Sri Lanka's termination of the power purchase agreement, reaching a daily low of Rs 1,008.

Adani Group has clarified that their power purchase agreement for wind power projects in Sri Lanka has not been revoked, despite reports to the contrary. A standard review of the tariff is underway by the Sri Lankan government,

Sri Lanka has revoked a power purchase agreement with Indian conglomerate Adani Group following allegations of corruption, energy ministry sources in Colombo said yesterday.

The Adani Group, led by Gautam Adani, has refuted claims that Sri Lanka officially revoked its power purchase agreement (PPA) with the Indian conglomerate due to corruption allegations. The group has