GQG Partners' shares fell 15% after UBS downgraded them due to Adani Group execs' bribery indictments.

GQG Partners, a major Adani Group investor, saw its shares drop by over 15% after UBS downgraded the stock from "buy" to "neutral" and slashed its target price from AU$3.30 to AU$2.30. The downgrade followed the U.S. indictment of Adani Group executives on bribery charges, leading UBS to estimate a potential A$600 million loss in funds under management for GQG. Adani Group denies the allegations and plans legal action.

December 02, 2024
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