GQG is a major backer of Adani group companies, whose founder Gautam Adani and seven other company associates have been charged by US authorities on bribery charges.
Adani group says the allegations are baseless and has vowed to seek "all possible legal recourse".
UBS 'downgraded' GQG from a buy to a neutral rating and reduced the stock's price target from AU$3.30 to AU$2.30. The shares were last trading at AU$2.07.
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