SYDNEY (Reuters) – Shares of Australian-listed GQG Companions fell 13% on Monday after UBS analysts downgraded the inventory and estimated the agency may have misplaced A$600 million ($390 million) in funds underneath administration following the Adani Group indictment.
GQG is a significant backer of Adani Group corporations, whose founder Gautam Adani and 7 different firm associates have been indicted by U.S authorities on bribery fees. Adani Group says the allegations are baseless and has vowed to hunt “all potential authorized recourse”.
UBS downgraded GQG from a purchase to a impartial score and decreased the inventory’s value goal from A$3.30 to A$2.30.
($1 = 1.5392 Australian {dollars})
