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GQG Partners Inc’s Australian-listed shares fell by as much as 2.6% on Friday after the international investment firm pumped $ 1.87 billion into four companies under embattled Indian conglomerate Adani Group.
The Florida-based firm bought 3.4% of Adani Enterprises Ltd for about $ 662 million, 4.1% of Adani Ports and Special Economic Zone Ltd for $ 640 million, 2.5% of Adani Transmission Ltd for $ 230 million, and 3.5% of Adani Green Energy Ltd for $ 340 million, showed an Adani regulatory filing.
In early trade, GQG shares were down by as much as 2.6% whereas the S&P/ASX200 benchmark index was up 0.4%.
GQG’s move represents the first major investment in Adani Group since a short-seller’s critical report of the conglomerate at the end of January triggered a stock rout.
