GQG Partners stock in tailspin amid Adani bribery news; down over 20% in Australian markets

As Adani Group stocks tumbled amid allegations by the US court on Gautam Adani in a bribery and fraud case, GQG Partners stocks also faced the wrath. As reported by Zee Business, the stock of GQG Partners- that invested steeply in the group's stocks post Hindenburg Saga fell up to 20 per cent in the Australian markets.

Reportedly after the allegations on Gautam Adani, GQG Partners has come up with the release on the Australian Exchanges in respect of the US District Court and the SEC orders against the conglomerate.

The company primarily stated that it is overseeing the charges against Gautam Adani and other Group executives and company by the US Attorney's Office for the Eastern District of New York and the US Securities and Exchange Commission.

Primarily, the setback came as the US court indicted Gautam Adani and 7 other individuals over a bribery and fraud scheme. Gautam Adani and other defendants allegedly paid Indian government officials over $250 million in bribes to obtain solar energy supply contracts worth over $2 billion in profits. Gautam Adani, his nephew Sagar Adani and Vneet Jaain, two executives in Adani Green Energy, are charged with misleading investors from the US and other foreign locations about their company’s compliance with antibribery and anticorruption practices when they were seeking capital to fund those energy contracts, according to American authorities

At the last count, shares of GQG Partners were down over 20 per cent at $2.11 AUD.

"Our team is reviewing the emerging details and determining what, if any, actions for our portfolios are appropriate," the GQG Statement said.

On the sidelines, Adani Group stocks in India tumbled steeply, with all the 11 counters in deep red. Adani Enterprises was the wrorst hit falling over 23 per cent.