Sri Lanka has revoked a power purchase deal with India's Adani Group after a probe into U.S. allegations that the conglomerate's executives paid bribes to secure Indian power supply contracts, according to an AFP report published by the Economic Times newspaper on Friday.

Sri Lanka's government has reportedly revoked a power purchase agreement with Adani Group amid corruption allegations against its founder Gautam Adani. President Dissanayake's administration is reviewing the proposed wind power project,

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.

In May 2024, the then-President Ranil Wickremesinghe-led government entered into the agreement with the port-to-power group to procure electricity

Reports that Adani Group’s 484 megawatts (MW) wind power projects in Sri Lanka’s northern Mannar and Pooneryn districts have been cancelled are false and misleading, an Adani Group spokesperson said Friday.

India’s Adani Group has denied the cancellation of its $440 million power purchase deal with Sri Lanka, terming the reports as “false and misleading”

The Adani Group has refuted reports claiming the cancellation of its 484 MW wind power projects in Mannar and Pooneryn, labeling them as “false and misleading.” ..

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.

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.