Our Bureau
Fort Lauderdale, Fl
According to a Bloomberg report, Adani Enterprises’ shares are close to pre-Hindenburg levels. The Gautam Adani-led group has recovered more than two-thirds of the market capitalization that it lost following the report. India’s top court has also rejected a high-level probe into Hindenburg’s allegations.
The GQG Partners Emerging Markets Equity Fund has about $2.23 billion invested in seven Adani companies, of which $1.06 billion is in Adani’s energy and utility companies. GQG had initially invested $1.9 billion in Adani Group stocks. The total value of GQG Partners LLC’s stake in Adani Group companies has grown about fivefold, as the stocks extend their recovery from short-seller Hindenburg Research’s scathing report.
The fund’s initial investment of $1.9 billion in March has ballooned to $10 billion in value, helped by market gains and additional stakes, according to fund manager Sudarshan Murthy. This marks a big win for the veteran Rajiv Jain’s firm after the Hindenburg accused the Adani Group of stock-price manipulation and accounting fraud. The charges were repeatedly denied by conglomerate. Rajiv Jain is Chairman and Chief Investment Officer (CIO) at GQG Partners. His Florida-headquartered private equity firm owned shares of Adani Energy Solutions Ltd, Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Ports & Special Economic Zone Ltd, Adani Power Ltd and Ambuja Cements Ltd.
Headquartered in Fort Lauderdale, Florida, with offices around the world, GQG is a boutique investment management firm that manages global and emerging market equity portfolios for institutions, advisors and individuals worldwide.
“Adani Power is the country’s largest private thermal power producer,” and may double its capacity through 2029, Murthy said. Meanwhile, Adani Green Energy Ltd. has secured land “that gives them a clear runway where they can build in the next 5 years,” he added.
