GQG Partners shares rebound over 15% after slump following US bribery charges against Adani

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NRI investor Rajiv Jain-led GQG Partners, which is listed on Australia's ASX, rebounded strongly on Friday, jumping as much as 15.5% to an intraday high of AUD 2.46. This recovery comes a day after the stock fell 19.3% following bribery charges filed in the U.S. against Gautam Adani and other Adani Group executives.

On Thursday, US prosecutors and the SEC charged Gautam Adani, his nephew Sagar Adani, and others with securities fraud and conspiracy related to their renewable energy business. The charges sparked a sharp sell-off in Adani Group stocks, with 11 companies losing up to 23% of their value.

Adani Enterprises plunged 23%, Adani Energy Solutions fell 20%, and Adani Green Energy dropped 19%. Other group stocks recorded declines ranging from 7% to 14%.

"Jain’s GQG Partners, a significant investor in Adani Group stocks, issued a statement acknowledging the charges and stated that it is reviewing the developments.

'We are monitoring the charges brought by the U.S. Attorney's Office and the SEC against Gautam Adani and other Adani Group executives. Our team is assessing the details and determining any appropriate actions for our portfolios,' GQG stated.The firm emphasized that over 90% of its clients' assets are invested in companies unrelated to the Adani Group, in line with its portfolio diversification strategy.

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GQG holding in Adani stocks


GQG, through its various funds, holds stakes in most major Adani Group companies. In the September quarter, GQG increased its stake in at least four Adani Group companies.GQG's stake in Adani Energy Solutions rose from 4.57% in Q1 to 4.7% in Q2, as Team Jain purchased 5,511,064 shares of the company.

Adani Enterprises saw GQG's stake increase from 3.4% to 3.52% in Q2. During the quarter, the promoter’s holding also rose from 74.72% to 74.89%, a modest increase of 17 basis points.

In the case of Adani Green Energy, GQG's ownership increased by 5 basis points to 4.21% during the quarter as the firm acquired 864,849 shares of the company.

GQG also raised its stake in Ambuja Cements from 1.35% to 2.05% on a quarterly basis. On the other hand, GQG's stake in Adani Ports declined marginally, as it sold 149,932 shares, and in Adani Power, where it sold 538,990 shares.

Also Read: Rising dollar puts Indian markets on edge. These sectors are feeling the pinch

What Adanis said


In the meantime, a spokesperson for Adani Group denied all the allegations and termed them "baseless."

"As stated by the US Department of Justice itself, "the charges in the indictment are allegations, and the defendants are presumed innocent unless and until proven guilty." All possible legal recourse will be sought," Adani Group said.

"The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency, and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners, and employees that we are a law-abiding organisation, fully compliant with all laws," it added.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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