Adani Group firms jump after GQG Partners’ $1.88 billion investment

BENGALURU (Reuters) – Shares of four Adani group companies rose between 5% and 10% on Friday, a day after U.S. boutique investment firm GQG Partners Inc picked up shares worth 154.46 billion rupees ($1.88 billion) in the conglomerate.

Florida-based firm’s investment in Adani Group is the first such deal since a U.S. short-seller’s critical report of the conglomerate triggered a stock rout.

GQG Partners on Thursday took stakes between 2.5% and 4.1% in various group companies, including Adani Enterprises Ltd, Adani Ports And Special Economic Zone and Adani Green Energy.

As of Thursday’s close, seven listed Adani companies have lost around $135 billion in market value since Jan. 24, when Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation. The group, led by billionaire Gautam Adani, denied the allegations.

Adani Enterprises shares hit a two-week high, while Adani Ports climbed to an over one-month high.

($1 = 82.3090 Indian rupees)