GQG Partners Bags Nearly Rs 3,000-Crore Gains In Adani Group Rally Post SEBI Clean Chit

Rajiv Jain's boutique-style investment firm GQG Partners, a marquee backer of the Adani Group, saw notional gains of nearly Rs 3,000 crore on Friday, as shares of the Adani Group companies surged following SEBI's dismissal of Hindenburg Research's allegations.

The Florida-headquartered fund manager, which oversees $167.6 billion in assets, held Adani stocks worth Rs 50,246 crore at the end of Friday's session, up Rs 2,992 crore. GQG was the first strategic investor to back Adani companies in the aftermath of the Hindenburg report. Jain is the firm's chairman and the CIO.

Brokerage Morgan Stanley, in a note on Friday, had also highlighted Adani Power as "a good illustration of turnaround in India's corporate history" and flagged strong earnings growth ahead, backed by project completions and fresh PPA wins.

On Sept. 18, SEBI concluded that Hindenburg's charges of fund routing through Adicorp, Milestone, and Rehvar to manipulate Adani's listed firms did not hold. The regulator said that while related-party transactions did exist, they were disclosed and accounted for as per rules.

Within Adani Power, GQG's emerging markets equity fund held 6.83 crore shares or a 1.77% stake, while Goldman Sachs Trust II – Goldman Sachs GQG Partner Fund, sub-advised by GQG, held another 12.7 crore shares or 3.29%. At market close, the combined notional value of these holdings was higher by Rs 1,656 crore.

Across other Adani counters, GQG's notional gains included Rs 557.58 crore in Adani Enterprises, Rs 138.51 crore in Adani Ports, Rs 259.93 crore in Adani Energy Solutions, and Rs 380 crore in Adani Green Energy.

GQG Partners LLC is a wholly owned subsidiary of GQG Partners Inc., a Delaware corporation listed on the Australian Securities Exchange. The fund has also previously held stakes in Ambuja Cements, though its holding fell below 1% in the June quarter.