Major Adani investor GQG shares fall 13% after analyst downgrade

Shares of Australia-listed GQG Partners fell 13% on Monday after UBS downgraded the stock and estimated that the firm could have lost A$600 million (around ₹3,310 crore) after the Adani Group indictment. GQG is a major investor in Adani Group companies, whose founder Gautam Adani and other company leaders were indicted by US on bribery charges.