SHARES OF GQG Partners, a top Adani Group investor, tumbled 14% in Australia after UBS downgraded its rating on the stock to "neutral" from "buy". The brokerage firm said that the Rajiv Jain-led investment firm may have lost $390 million in funds under management in two days following the indictment of Adani Group executives in the US.
This is the first time that UBS has downgraded its rating on GQG since it began covering the stock in October 2022. The Switzerland-based bank also slashed its target price for GQG to A$2.3 from A$3.3 earlier.
The US authorities charged Adani Group's founder Gautam Adani and some other executives in an alleged bribery case. The group has since called the charges baseless.
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Russia for flexibility in talks, Turkey offers to mediate
FORMER RUSSIAN PRESIDENT Medvedev said Russia was ready to discuss a settlement of the Ukrainian crisis, but only with those \"who are ready to communicate\".
India Emerging as Factory of the World, Says PM
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Trump-Zelensky clash divides US Republicans
Spat lowers aid prospects for the Ukrainians
Swing change
The game, like time, doesn't stand still. There's always another story or tournament to rewrite the narrative
Feb GST mop-up rises 9.1% to ₹1.84 lakh cr
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ED Notice to Paytm for FEMA Violations
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New, bright and shiny drive Motown in Feb
Sales up 3%, on back of new models alone
In India's preloved fashion market, premium is the showstopper
Startups shutting shop citing low scale, but luxury fares better
Goyal to visit US for trade talks
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Just-in-time release of funds saved ₹26K cr: FM
THE JUST-IN-TIME RELEASE of funds implemented by the government through the Treasury Single Account System (TSA) for autonomous bodies and the Single Nodal Agencies (SNAs) model for states have saved the Centre nearly ₹26,000 crore in interest costs since FY18 as borrowings were linked to the actual requirements, finance minister Nirmala Sitharaman said at an event on Saturday.
