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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.
Shares of GQG Partners plummeted 25% following the indictment of Adani Group Chair Gautam Adani for fraud, marking the firm's worst trading day since its 2021 listing. GQG, which holds a 3.94% stake in Adani Enterprises, is reviewing the situation while noting that over 90% of its assets are in unrelated investments. Adani Group shares also fell sharply after a previous report accused the company of extensive fraud, leading to significant losses in early 2023.
GQG Partners' stock fell nearly 10% following US charges against Gautam Adani, alleging his involvement in a $250 million bribery scheme related to solar energy contracts in India. The firm is reviewing its investments in the Adani Group but notes that over 90% of its clients' assets are in unrelated issuers, ensuring portfolio diversification.
Rajiv Jain
People
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GQG shares drop 15 percent after UBS downgrades stock and target price
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05:09 02.12.2024
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06:04 21.11.2024
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