Adani Shock Exposes ESG Fund Managers Clinging to ‘Terrible' Bet [Yahoo! Finance Canada]
First Citizens BancShares, Inc. - Class A (FCNCA)
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Source: Yahoo! Finance Canada
In This Article (Bloomberg) -- ESG fund managers have once again found themselves on the wrong side of a market meltdown. Most Read from Bloomberg 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. “Adani Green's terrible governance was in plain view,” said Henry Kinnersley, co-founder of shortseller Snowcap Research. Almost two years after a report by another short seller, Hindenburg Research, accused the Adani Group of decades of fraud and market manipulation, federal prosecutors in the US have alleged that Adani and a number of people around him promised more than $250 million in bribes to Indian government officials in exchange for solar energy contracts for Adani Green. The
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FCNCA
Earnings
- 10/24/24 - Miss
FCNCA
Sec Filings
- 11/14/24 - Form SC
- 11/7/24 - Form 10-Q
- 11/6/24 - Form 144
- FCNCA's page on the SEC website