Shares in major Adani investor GQG plunge after analyst note on outflows

Published On Dec 2, 2024, 12:06 AM

GQG Partners' shares dropped 13% following a downgrade by UBS, which cited significant outflows estimated at A$600 million ($390 million) after the indictment of Adani Group executives on bribery charges. UBS downgraded GQG's rating from 'buy' to 'neutral,' and reduced the stock price target from A$3.30 to A$2.30. The downgrade reflects concerns about recent weakness in fund inflows, despite analysts being 'largely comfortable' with GQG's investment performance overall. In contrast, shares of Adani Green Energy surged by 9.4%, recovering their losses after the indictment news.