GQG Partners Shares Plunge After Adani Indictment

Shares of GQG Partners plummeted up to 25.75% following the indictment of Gautam Adani and several associates on bribery and fraud charges related to a $265 million scheme to secure lucrative solar energy contracts in India. This decline marks GQG's worst trading day since its listing in October 2021, coinciding with significant losses for Adani Group stocks, which dropped up to 23%. GQG, which holds substantial stakes in various Adani companies, is currently reassessing its investment strategy and stated that over 90% of its clients' assets are diversified in issuers unrelated to Adani. The charges also stem from previous allegations made by Hindenburg Research, which accused Adani Group of extensive fraud earlier this year. The ongoing legal troubles and market reactions highlight the volatility surrounding GQG's investments in Adani amid growing scrutiny from US authorities. GQG has pledged to closely monitor developments and determine appropriate actions for their portfolios.