Abu Dhabi-based International Holding Company (IHC) has entered into an agreement to sell its stakes in two Adani group companies, Adani Green Energy and Adani Energy Solutions, as part of its overall portfolio rebalancing strategy.

IHC holds more than one percent stakes in the two companies, with a total value of Rs 3,327 crore as of Thursday”s close. However, the company has not disclosed the name of the buyer or any other financial details of the transaction.

IHC invested almost $2 billion in three companies owned by billionaire Gautam Adani, including the group”s flagship firm Adani Enterprises, in 2022. However, shares of Adani Green Energy and Adani Energy Solutions have lost 48 percent and 68 percent so far in 2023, respectively.

The sale of IHC”s stakes in the two Adani companies is the latest example of foreign investors exiting Indian markets in recent months.

US Hindenburg’s report published in January 2023 alleging “brazen accounting fraud” and “stock manipulation” had rattled Gautam Adani-led group. However, the conglomerate refuted the allegation as “unresearched” and “maliciously mischievous”.

However due to the accusations, Adani Group stocks faced a massive setback losing over $140 billion market capitalization. The group was also compelled to cancel Adani Enterprise’s 20,000 crore offer for sale (OFS).