Rajiv Jain, laminitis and main concern serviceman of GQG Partners, during an interrogation successful New York, US, connected Tuesday, April 4, 2023.
Christopher Goodney | Bloomberg | Getty Images
Shares of Australia-listed GQG Partners plunged arsenic overmuch arsenic 25% connected Thursday and were acceptable to station their worst time connected record, aft Adani Group Chair Gautam Adani was charged with fraud successful New York.
If losses hold, it volition beryllium the concern firm's steepest one-day autumn since its listing connected Oct. 2021.
Shares of Adani Group companies besides nosedived, arsenic Indian banal markets opened for trade. The Nifty 50 scale was down 0.75%, portion the BSE Sensex was 0.73% lower.
GQG is Adani Enterprises' fourth-largest shareholder, owning astir 3.94% of the firm, according to LSEG data.
In a connection sent to CNBC, GQG said that it was are monitoring the charges, adding that "our squad is reviewing the emerging details and determining what, if any, actions for our portfolios are appropriate."
The concern steadfast besides pointed retired that its portfolios person "diversified investments," saying that implicit 90% of clients assets are invested successful issuers unrelated to the Adani Group.
GQG has reaped affluent rewards investing successful Adani whose shares tumbled after a short-seller report in January 2023 by New York's Hindenburg Research accused the institution of fraud.
Rajiv Jain, president and main concern officer at GQG Partners, told CNBC successful January this twelvemonth that his profits connected Adani stood astatine astir $4 billion, but helium was apt done investing successful the group.
Hindenburg had charged Adani Group of "brazen banal manipulation and accounting fraud strategy implicit the people of decades," sending shares plunging by much than 54% successful the archetypal 4th of 2023.
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