Shares of GQG Partners, which holds a significant 19.37% stake in India’s Adani Group, tumbled 23% on Thursday following news that Gautam Adani, the conglomerate’s chairman, had been indicted in the United States on charges of bribery and fraud.
GQG’s investments in Adani include stakes in Adani Enterprises, Adani Power, Adani Green Energy, and Adani Energy Solutions, according to LSEG data. The firm’s Australia-listed stock dropped as much as 23.1%, hitting a low of A$2.03—its worst performance since mid-March. At the time of reporting, the stock remained down about 22%, marking its most significant decline to date.
GQG issued a statement acknowledging the situation: “Our team is reviewing the emerging details and determining what, if any, actions for our portfolios are appropriate.”
The charges against Gautam Adani and seven other individuals, including his nephew Sagar Adani, stem from an alleged bribery scheme. U.S. authorities have accused them of agreeing to pay approximately $265 million in bribes to Indian government officials to secure contracts expected to generate $2 billion in profits over two decades, including the development of India’s largest solar power plant.
The Adani Group has yet to respond to a request.
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