Shares of GQG, which is listed on Australia’s ASX, nosedived 26% this morning after billionaire Gautam Adani, his nephew Sagar Adani, and six others were indicted by U.S. prosecutors in New York for allegedly offering $265 million in bribes to Indian government officials to secure “lucrative solar energy supply contracts” with state electricity distribution companies.
In India, 11 Adani Group stocks lost up to 20% of their value this morning following the negative news flow.
“We are monitoring the charges brought today by the U.S. Attorney’s Office for the Eastern District of New York and the U.S. Securities and Exchange Commission against Gautam Adani and certain other Adani Group executives and companies,” GQG said in a statement.
It said the team is reviewing the emerging details and determining what, if any, actions for the portfolios are appropriate.
“We note that, consistent with our portfolio construction guidelines, GQG portfolios make diversified investments, and in aggregate, more than 90% of our clients’ assets are invested in issuers unrelated to the Adani Group,” Team Rajiv Jain said.Also read | Adani shares crash up to 20% after Gautam Adani indicted in US on bribery, fraud charges
