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deal with the Sri Lankan government is intact, the company said on Friday, after the AFP news agency reported it had been revoked, citing a government official and a document.

The decision is in line with a desire to secure lower electricity tariffs, as activists had claimed smaller renewable projects in Sri Lanka were selling power at much lower rates, the AFP report said.

Adani Power shares fell after reports suggested that Sri Lanka has cancelled a power purchase agreement with the Adani Group amid corruption allegations from the US

The Adani Group on Friday categorically denied reports claiming that Adani's 484 MW wind power projects in Mannar and Pooneryn in Sri Lanka have been cancelled.

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 canceled a power purchase agreement with Adani Group, amid corruption allegations against the company's founder, Gautam Adani . The decision was taken by President Anura Kumara Dissanayake's administration, which is now reviewing the proposed wind power project.

Group dismisses as ‘misleading’ reports in international media that Sri Lanka had cancelled Mannar & Pooneryn projects, hints review process not linked to November indictments by US.

The Adani Group has denied reports of the cancellation of its Sri Lanka power power deal, calling the reports as 'false and misleading'. The spokesperson of the ports-to-power conglomerate issued a statement on Friday,

This comes after Sri Lankan President Anura Kumara Dissanayake's administration probed the Adani Group's local projects due to the US charges against it