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.

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.

Sri Lankan President Anura Kumara Dissanayake began investigations into Adani's local projects after founder Gautam Adani faced bribery allegations from the United States last year

This comes after Sri Lankan President Anura Kumara Dissanayake's administration probed the Adani Group's local projects due to the US charges against it

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.