NBIM’s pre-crash retreat, 2014–2022
Divested
6 Adani-linked companies before 2023
Companies
Adani Enterprises · ACC · Ambuja Cements · Adani Power · Adani Transmission · Adani Wilmar
Stated rationale
Deforestation and environmental risk
Source
Christopher Wright, NBIM head of ESG risk monitoring · February 9, 2023 briefing
What it does not prove
A permanent group-wide exit—three documented positions remained at year-end 2022
Six sold before the crash

From 2014 through 2022, NBIM had already divested six Adani-linked companies—Adani Enterprises, ACC, Ambuja Cements, Adani Power, Adani Transmission and Adani Wilmar—over deforestation and environmental-risk concerns. These earlier sales were distinct from the three positions still held at year-end 2022.

≈$110B
Combined Adani-company market value lost in two weeks after Hindenburg’s January 24 allegations; Adani denied them.
February 9 — NBIM’s Christopher Wright said five weeks of further reductions left “no exposure” in nine companies—a contemporaneous claim, not proof of permanent withdrawal.