Shares of Australia-listed GQG Partners fell 4 per cent in Friday's trade after it emerged that the investment firm invested $1.87 billion into four of Adani group companies. The investments of Rs 15,446 crore by GQG Partners was announced on a day the Supreme Court asked the market regulator Sebi to conduct an investigation to ascertain if the conglomerate violated market norms. Adani group has denied serious allegations by short-term Hindenburg Research allegations.
Shares of the Florida-based firm fell 3.69 per cent to AUD 1.44 a piece in Friday's trade. AUD stands for Australian dollar. In contrast, the Australian benchmark S&P/ASX200 was up 0.39 per cent.
GQG's was the first major investment in Adani Group since Hindenburg's critical report that triggered an up to 80 per cent rout in Adani group shares.
In a release, Chairman and CIO of GQG Partners Rajiv Jain said: "Adani is widely regarded as among the best entrepreneurs of his generation. We believe that the long-term growth prospects for these companies are substantial, and we are pleased to be investing in companies that will help advance India’s economy and energy infrastructure, including their energy transition over the long-run.
Jain told Reuters the Australian-listed firm had carried out its own 'deep dive' into Adani and disagreed with Hindenburg's report.
GQG Partners on Thursday via block deals bought 38,701,168 Adani Enterprises shares at Rs 1,410.86 apiece for Rs 5,460 crore. It purchased 88,600,000 Adani Ports shares at Rs 596.20 apiece for Rs 5,282 crore. In Adani Transmission, it bought 28,400,000 shares at Rs 668.40, totalling Rs 1,898 crore. Besides, it bought 55,600,000 shares of Adani Green Energy at Rs 504.60, valuing Rs 2,806 crore.
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