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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