Major Adani investor GQG shares fall 13% after analyst downgrade

SYDNEY (Reuters) – Shares of Australian-listed GQG Partners fell 13% on Monday after UBS analysts downgraded the stock and estimated the firm could have lost A$600 million ($390 million) in funds under management following the Adani Group indictment.

GQG is a major backer of Adani Group companies, whose founder Gautam Adani and seven other company associates have been indicted by U.S 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 A$3.30 to A$2.30.

($1 = 1.5392 Australian dollars)