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French energy giant TotalEnergies SE put a multi-billion dollar plan to produce green hydrogen with Adani Group on hold, pending audits of the Indian conglomerate accused of fraud by a US investor.

The hydrogen partnership announced by the two groups last year “hasn’t been signed, and won’t be signed for the moment," TotalEnergies chief executive Patrick Pouyanne said at an earnings presentation near Paris on Wednesday. “We’ll wait for the results of the audits."

The French oil and gas company has invested $3.1 billion in stakes of Adani assets such as Adani Total Gas Ltd and Adani Green Energy Ltd, which represent 2.4% of TotalEnergies’ capital employed last year.

“These companies have assets and revenue" and are “healthy," Pouyanne said. The French company conducted due diligence before and after investing in the Adani companies, he said.

Shares of Adani Green and Adani Total Gas are still up by a factor of two and eight, respectively, since Total invested in them, the CEO said.

Meanwhile, the combined market capitalization of listed Adani companies rose for the second straight day.

The market value of 10 listed Adani firms rose by 48,516 crore to 10.41 trillion.

On 24 January, the US-based short-seller released a report alleging fraud and manipulation against Adani group companies, which caused the group’s market cap to shed almost half its value through Monday. The Adani group, has however, denied the allegations.

Although the market cap has risen in the last two day, it is still down 46% to 10.41 trillion from the levels before the Hindenburg report was published.

Shares of Adani Enterprises gained almost 20% to close at 2,158.65 on Wednesday, followed by Adani Ports, which gained 8% to close at 599.45 a share.

The stocks saw investors returning, reflecting in the delivery to traded volumes, which was higher than both the one- and three-month average.

Adani Wilmar reported 16% growth in its December quarter consolidated net profit to 246.2 crore in the December quarter, on revenue of 15,438 crore.

Adani Power, which declared its quarterly numbers after the closing of market, reported a 96% drop in net profit to 8.77 crore due to a higher tax expense of 194 crore against tax credits of 13 crore in the year earlier.

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