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.

Earlier, the Sri Lankan media reported that the President Dissanayake-led cabinet had revoked a decision made in May 2024

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 revoked a power purchase agreement with Indian conglomerate Adani Group following allegations of corruption, energy ministry sources in Colombo said yesterday.

Adani Group has clarified that their power purchase agreement for wind power projects in Sri Lanka has not been revoked, despite reports to the contrary. A standard review of the tariff is underway by the Sri Lankan government,

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.

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”

Adani Green Energy shares fell nearly 6% after reaching a day's high, following a report that Sri Lanka cancelled a $440 million power purchase agreement with the company.