GQG Partners' stock plunges over 20% on US bribe, fraud charges against India's Adani

GQG Partners

21/11/2024 04:21

Nov 21 (Reuters) - GQG Partners  GQG.AX , which has a
near 20% stake in India's Adani Group, saw its Australia-listed
shares plunge 23% on Thursday after Gautam Adani, the
conglomerate's chair, was indicted in the U.S. over charges of
bribery and fraud.
    GQG owns a combined stake of 19.37% in Adani Enterprises
 ADEL.NS , Adani Power  ADAN.NS , Adani Green Energy  ADNA.NS 
and Adani Energy Solutions  ADAI.NS , according to LSEG data.
    The investment firm's Australia-listed stock plunged as much
as 23.1% to A$2.03, its lowest level since mid-March. The stock
was last down about 22%, set for its worst day ever.
    "Our team is reviewing the emerging details and determining
what, if any, actions for our portfolios are appropriate," GQG
said in a statement.
    Earlier, U.S. authorities said Adani and seven other
defendants, including his nephew Sagar Adani, agreed to pay
about $265 million in bribes to Indian government officials to
obtain contracts expected to yield $2 billion of profit over 20
years, and develop India's largest solar power plant project.
    The Adani Group did not immediately respond to a Reuters
request for comment.

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by Savio
D'Souza)
 ((Rishav.Chatterjee@thomsonreuters.com;))