QIA likely picks up shares worth $500 million in India's Adani Green - report

BENGALURU (Reuters) - Qatar Investment Authority (QIA) likely picked up shares worth $500 million in India's Adani Green Energy via block deals on Monday, ET Now reported, citing sources.

Over 1.1 million shares of the Adani Group-owned renewable power producer changed hands in fourteen block deals as of 2 p.m. IST, as per data from Refinitiv, in a price range of 882 to 954 rupees per share.

QIA's potential investment in the billionaire Gautam Adani-owned firm comes at a time when the group is coming out of the impact caused after U.S.-based Hindenburg Research said it held short positions in the conglomerate in January.

The short seller's report battered investor confidence and wiped out nearly $147 billion from Adani companies' market value.

Shares of its group companies have rebounded but are still down around $100 billion in value.

QIA and Adani Green did not immediately respond to Reuters' request for comment.

Shares of Adani Green fell as much as 12.59% earlier on Monday, but have trimmed most of their losses. The stock was trading down 3.3%, as of 2:30 p.m IST.

(Reporting by Biplob Kumar Das and Nallur Sethuraman in Bengaluru; Editing by Varun H K and Sonia Cheema)