Major Adani investor GQG shares fall 13% after analyst downgrade

GQG Partners

02/12/2024 01:27

SYDNEY, Dec 2 (Reuters) - Shares of Australian-listed
GQG Partners  GQG.AX  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)

 (Reporting by Scott Murdoch in Sydney; Editing by Tom Hogue)
 ((Scott.Murdoch@thomsonreuters.com;))