Major Adani investor GQG shares fall 13% after analyst downgrade
Shares of GQG Partners dropped 13% after UBS analysts downgraded the stock, following an estimated loss of A$600 million in funds under management due to Adani Group's indictment. UBS revised its rating from buy to neutral and reduced the price ta...
By Reuters | Updated:
Gautam Adani breaks silence on US charges: 'Every attack makes us stronger, more resilient...'
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)
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)
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Gautam Adani breaks silence on US charges: 'Every attack makes us stronger, more resilient...'
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