TotalEnergies, a French oil and gas company, has announced that its exposure to ventures with India’s Adani Group is limited and that it has not revalued its stakes in Adani Total Gas and Adani Green Energy after their share prices plummeted. TotalEnergies has a 37.4% stake in Adani Total Gas and a 19.75% stake in Adani Green Energy. The sharp fall in shares of Adani Group firms is due to a report by U.S. short-seller Hindenburg Research questioning the group’s debt levels and use of tax havens. Adani has dismissed the report as baseless. TotalEnergies’ exposure to the Adani Group, including its stake in other ventures, is limited to 2.4% of its capital employed. The French company is expected to announce a record profit for 2022 on Feb. 8. TotalEnergies’ CEO, Patrick Pouyanne, had previously said that the company’s investment in Adani Green Energy was safe and that the balance sheet was not a pile of debt. However, the fall in Adani Green Energy’s share price has now reduced the value of TotalEnergies’ stake to around $3.96 billion.