GQG Partners refuses to sell Adani stocks after bribery scandal
bribery scandal in the US will not have a material impact on billionaire Gautam Adani's businesses, Rajiv Jain's GQG Partners on Monday said there is no change in its investment thesis on Adani Group companies. Before the scandal broke out, GQG's total exposure to Adani Group companies stood at $9.7 billion which was about 6.1% of its total assets.
«We believe this level of exposure is manageable, even given the volatility in Adani Group stocks,» GQG Partners said in a memo, adding that the fundamentals of the companies the boutique investment firm is invested in remain sound.
«As we do with other holdings, our team continues to do research and reassess the situation but as of now we have not changed our view on the prospects for these investments. That may change as new information becomes available,» Team Jain said in a note to clients.
While noting that the charges by US federal prosecutors are specific to actions related solely to Adani Green Energy, it said the indictment is of the employees and not the company.
«The DOJ (Department of Justice) indictment and SEC (Securities and Exchange Commission) action are against individuals only. The allegations relate only to AGEL, not other Adani companies,» GQG said.
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