Rajiv Jain, founder and chief investment officer of GQG Partners, was interviewed in New York, the United States, on Tuesday, April 4, 2023.
Christopher Goodney | Bloomberg | Getty Images
Australian listed stocks GQG partners Gautam Adani, Chairman of Adani Group Charged with fraud in New York.
The stock fell as much as 25% at one point, but closed down 19.32%, still marking the investment company’s largest one-day drop since it went public in October 2021.
Shares of Adani Group of Companies also plungedas Indian stocks opened for trading. this nifty 50 The BSE Sensex fell 0.75% and the BSE Sensex fell 0.73%.
GQG is Adani EnterprisesAccording to LSEG data, the fourth largest shareholder owns about 3.94% of the company’s shares.
In a statement to CNBC, GQG said it was monitoring the allegations, adding, “Our team is reviewing the emerging details and determining what, if any, appropriate actions will be taken against 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’s investment in Adani reaps huge returns Its share price is at short sale report January 2023, New York Hindenburg Research Center Accused the company of fraud.
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.
Hindenburg accused Adani Group of “decades of blatant stock manipulation and accounting fraud schemes,” causing the group’s share price to plummet more than 54% in the first quarter of 2023.
