Adani investor GQG shares plunge more than 15% after UBS downgrades rating | Real Time Headlines

Adani Group’s major investor stakes GQG partners Monday’s drop was as high as 15.74% Swiss bank UBS downgrades the stock It moved from “Buy” to “Neutral” on Friday.

UBS also lowered its target price on GQG to A$2.30 from A$3.30. As of 2:52pm Sydney time, the shares were trading at A$2.08.

This is the first time the Swiss company has downgraded the stock since it began covering GQG in 2022. The Australian-listed investment company is the flagship store’s fourth-largest investor Adani Enterprises.

Guangqing Group Share price fell to record low intraday On November 21, it was revealed that Gautam Adani, chairman of Adani Group Charged with fraud in New York. The stock fell as much as 25%, the largest one-day drop since the investment company went public.

The company said in a Nov. 21 email to CNBC that it was monitoring the Adani situation and “reviewing emerging details and determining what, if any, appropriate actions to take across our portfolio.” ”.

The investment firm also noted that its portfolio is “diversified” and said more than 90% of client assets are invested in issuers not affiliated with the Adani Group.

GQG has made billions investing in Adani In January 2023, the group’s share price plummeted due to short sale report by new york Hindenburg Research Center.

Rajiv Jain, chairman and chief investment officer of GQG Partners, told CNBC in January that his profits from Adani were about $4 billion, but he has likely completed his investment in the group.

After Adani was sued, the group’s share price fell sharply. Recovering. adani green energyThe company, which is at the center of a U.S. prosecution storm, saw its shares rise 22% on Friday.

“As we complete the legal process, I want to reaffirm our absolute commitment to world-class regulatory compliance,” Adani said. It is reported that It was his first speech since Saturday’s indictment.

—CNBC’s Anniek Bao contributed to this report.