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GQG Partners, a major investor in Adani Group, experienced a 13% drop in share price following a UBS downgrade, losing A$600 million in value amid US bribery and securities fraud charges against Gautam Adani and associates. The situation has raised concerns over Adani Green Energy's power supply agreement with Andhra Pradesh, which could lead to increased tariffs for consumers if cancelled. Despite the challenges, Adani Group's recent stock performance indicates some investor confidence remains.
Shares in GQG Partners fell 14.04% to $2.02 after UBS downgraded the firm from buy to neutral, citing concerns over its $9.7bn stake in the Adani Group amid bribery allegations against founder Gautam Adani and executives. UBS estimated GQG may have faced $600m in fund outflows following the indictment. Adani Group has denied the allegations, which include conspiracy and securities fraud.
Shares in GQG Partners fell 14.04% to $2.02 following a UBS downgrade amid US bribery charges against Adani founder Gautam Adani and senior executives, who are accused of a $250m scheme to secure solar contracts in India. Despite the allegations, GQG may have seen $600m in fund outflows, while Adani Green Energy's stock rebounded 38.93% after hitting a yearly low.
Shares of GQG Partners, a major investor in Adani Group, plummeted over 15% after UBS downgraded the stock from “buy” to “neutral” and cut its target price from AU$3.30 to AU$2.30. This marks UBS's first downgrade since it began covering GQG in 2022. Following a significant drop after Adani Group Chair Gautam Adani was charged with fraud, GQG is reviewing its investments, noting that over 90% of client assets are in unrelated issuers.
Gautam Adani addressed recent US bribery allegations, asserting that such challenges only strengthen the Adani Group. He emphasized that no one from the company has been charged with violations of the Foreign Corrupt Practices Act and reaffirmed their commitment to regulatory compliance amid the spread of negativity.
Adani Group CFO Jugeshinder Singh has firmly denied U.S. allegations implicating executives, including Chairman Gautam Adani, in a $265 million bribery scheme related to Indian solar power contracts. Singh stated, "We reject all of this strongly," emphasizing that no such payments occurred. Meanwhile, the Indian government confirmed it has not received any requests from U.S. authorities regarding the case.
Adani Green Energy Ltd. plans to consider reviving its previously scrapped $600 million dollar bond sale between April and June 2025, according to Group CFO Jugeshinder Singh. This decision reflects the company's resilience amid ongoing scrutiny following a US probe into founder Gautam Adani. Singh stated that the bond sale will proceed once there is clarity on the situation.
On November 29, the Nifty and Sensex rebounded strongly, with the Sensex rising 759 points to 79,803 and the Nifty gaining 217 points to 24,131, driven by gains in pharma, infrastructure, energy, and auto stocks. Zee Entertainment shares surged 5% after shareholders rejected CEO Punit Goenka's reappointment, while Divi's Laboratories rose 4% following a bullish report from Citi. Adani Group stocks jumped up to 20% after being included in the NSE's F&O segment, and Easy Trip Planners saw a 10% increase after announcing a 1:1 bonus share issue. Conversely, CreditAccess Grameen fell 8.5% after a downgrade from Goldman Sachs, which revised its target price significantly lower.
The National Stock Exchange (NSE) has expanded its futures and options (F&O) segment by adding 45 new stocks, effective November 29, 2024, increasing the total to 223. This inclusion, following SEBI’s revised criteria, aims to enhance liquidity and market participation, featuring notable stocks like LIC, Jio Financial Services, and Zomato. Analysts anticipate that this move will boost trading volumes and improve price discovery for these stocks.
Shares of Adani Green Energy, Adani Energy Solutions, and Adani Total Gas surged by 6-14% on November 29, following their inclusion in the National Stock Exchange’s futures and options (F&O) segment. Adani Green led the gains with a 14% increase, while Adani Energy Solutions rose by 12% and Adani Total Gas by nearly 6%. The F&O inclusion significantly boosted trading volumes, with over half of their one-month daily averages traded within the first hour.
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Adani Group faces legal challenges as GQG Partners shares plummet
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05:45 29.11.2024
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