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.

The Adani group has refuted reports that the Sri Lankan government has cancelled the 484 MW wind power projects in Mannar and Pooneryn. As per local media reports, Sri Lanka’s Cabinet, led by President AnuraKumara Dissanayake,

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.

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.

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.

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

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”

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.

Sri Lanka has revoked a power purchase agreement with Adani Group’s renewable energy unit after allegations of corruption levelled against the Indian conglomerate in the US last year that brought some of its foreign projects under fresh scrutiny.