(Bloomberg) -- Norway’s $1.4 trillion sovereign wealth fund sold its remaining stake in the Adani Group companies after they became embroiled in a scandal and slumped in value.

The fund had shed the bulk of its stake in the Indian conglomerate already before the allegations of stock manipulation and accounting fraud from New York-based investor Hindenburg Research emerged Jan. 24. That divestment by the Norwegian fund had taken place over the past years. 

Last week, it disclosed an end-of-year holding of just $200 million in Adani Total Gas Ltd, Adani Ports & Special Economic Zone Ltd and Adani Green Energy Ltd, calling it a “massive underweight position” against the fund’s benchmark.

“In the five weeks since year end, we have further reduced our exposure in Adani companies significantly, and so today for all intents and purposes we have no exposure left,” Christopher Wright, head of ESG risk monitoring, told reporters on Thursday.

More than $110 billion has been wiped out from Adani Group’s pre-Hindenburg report value. Some of its bonds have been pushed to distressed levels and stock and bond offerings have been shelved amid the turmoil.

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