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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.
GQG Partners Global Equity I JPY Acc
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gqg partners shares drop after ubs downgrade amid adani group scrutiny
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GQG Partners Global Equity I JPY Acc
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Gautam Adani
08:14 02.12.2024
GQG Partners shares drop amid Adani bribery charges and market turmoil
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Adani Green Energy Limited
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Gautam Adani
08:13 02.12.2024
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