Stock market today: Shares of Adani Green Energy reversed early gains on Friday, January 24, and cracked nearly 6% from the day's high to trade in the red amid reports that Sri Lanka has revoked a $440 million power purchase deal with the company.
According to a report in Daily FT, Sri Lanka's leading business newspaper, the Cabinet, led by President Anura Kumara Dissanayake, reversed the decision to give a contract for building wind power plants in Mannar and Pooneryn to Adani Green Energy SL Ltd. This decision, made in June last year and sanctioned by Dissanayake's predecessor, Ranil Wickremesinghe, involved a 484 MW wind power project.
During his election campaign, the current President promised to cancel the deal and invite international tenders to develop wind power in Sri Lanka. Following through on this promise, the Cabinet decided on December 30 to revoke the previous cabinet decision made in May 2024, which had approved the Adani Green Energy project.
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