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.
Esta historia es de la edición December 03, 2024 de Financial Express Mumbai.
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Esta historia es de la edición December 03, 2024 de Financial Express Mumbai.
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Top IITs see a drop in campus placements
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Eyeing Deeper Energy Ties
Eight jawans among 9 killed in Naxal attack
VEHICLE BLAST IN CHHATTISGARH
Cautious outlook for auto companies in Q3
No segment shows growth except tractors
SBI Cards: Credit costs to improve
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Asset quality concerns ease
In search of a growth driver
DIFFICULT TO IDENTIFY A SECTOR THAT HAS POTENTIAL TO LIFT ECONOMY TO A HIGHER TRAJECTORY
Tesla and Waymo should learn from '24 air crashes
If you yearn for a future where you can travel from place to place in safety and comfort, some of the major transport events of 2024 might feel like a setback.
Judicial Overreach Unwarranted
High court order staying Religare Enterprises AGM risks undermining shareholder rights, regulatory authority, and market confidence
