GQG Partners Shares Plunge After Adani Charges

Shares of GQG Partners, a significant investor in India's Adani Group, fell by as much as 26% after U.S. prosecutors indicted Gautam Adani and several others for allegedly engaging in a $265 million bribery scheme to secure solar energy contracts. GQG, which holds a 19.37% stake in various Adani companies, stated it is reviewing its investment portfolio in light of these developments. The alleged scheme reportedly involved bribes to Indian officials to gain contracts projected to generate $2 billion in profits over 20 years. Following the news, multiple Adani Group stocks also experienced significant declines. GQG emphasized that over 90% of its clients' assets are invested in firms unrelated to Adani, underscoring its diversified investment strategy. The repercussions of the indictment have led to a broader sell-off in Adani's dollar bonds and shares in the group.