US firm GQG, other investors buy around $1 bn of additional stake in Adani Group, reports ET

GQG Partners has been ramping up its investment in Adani firm ever since short-seller's critical report in January sparked stock rout, wiping out $147 bn from its market value.

The logo of the Adani Group is seen on the wall of its realty office building on the outskirts of Ahmedabad/File Photo: Reuters

Bengaluru: Australia-listed investment firm GQG Partners and other investors have bought around $1 billion of additional stake in India’s Adani Group companies, a report by the Economic Times newspaper said on Wednesday.

The investors have bought 2.2% stake comprising of 35.2 million shares in Adani Green Energy Ltd and 1.6% stake comprising of 18 million shares in Adani Enterprises Ltd in block deals, the report added.

GQG Partners, Adani Enterprises and Adani Green Energy did not immediately respond to Reuters’ request for comment.

GQG Partners has been ramping up its investment in the Indian conglomerate ever since a short-seller’s critical report in January sparked a stock rout, wiping out nearly $147 billion from Adani companies’ market value.

Last month, the investment firm upped its stake in Adani by about 10%.

Australia-listed shares of GQG closed up 0.7% on Wednesday.

Shares of Adani Green Energy changed hands in 52 blocks deals as of 12:27 p.m. IST, while about 18.2 million shares of Adani Enterprises were traded in eight blocks, according to Refinitiv data

Shares of Adani Enterprises were last up 4.5% and those of Adani Green Energy were down 1.6% as of 12:27 p.m. IST.

(Reporting by Manvi Pant in Bengaluru; Editing by Nivedita Bhattacharjee)

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