GQG loses Rs 8,170 cr on Adani shares; also skids 20% on Australian bourse
GQG Partners, one of the biggest foreign institutional investors in Adani Group, said it is monitoring the charges filed by the US Attorney's Office for the Eastern District of New York and the Securities Exchange Commission against founder Gautam Adani, group companies and executives. GQG said it is «reviewing the emerging details and determining what, if any, actions for our portfolios are appropriate.»
Shares of GQG Partners plunged 20% on the ASX (Australian Securities Exchange) on Thursday, eroding nearly ₹8,100 crore (approx. US $950 million) or 16% of its market value.
The overall investment value of GQG Partners, founded and run by Rajiv Jain, in Adani Group stocks fell from ₹50,192 crore to ₹42,022 crore on Thursday.
«We note that, consistent with our portfolio construction guidelines, GQG portfolios make diversified investments, and in aggregate, more than 90% of our clients' assets are invested in issuers unrelated to the Adani Group,» GQG said in a statement.
GQG, with $161 billion in assets under management, came into the limelight in India after the fund pumped almost ₹15,446 crore ($1.87 billion) into four Adani Group companies as the conglomerate was struggling to revive itself after its shares were battered by the Hindenburg report in January, 2023. The purchases coincided with the rebound in the share prices.
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