GQG has investments in Adani Green Energy, Adani Energy Solutions, Adani Power, Ambuja Cements and Adani Ports among Adani group companies.

GQG Partners , which has a near 20% stake in India's Adani Group, saw its Australia-listed shares plunge 23% on Thursday after Gautam Adani, the conglomerate's chair, was indicted in the U.S. over charges of bribery and fraud.

GQG Partners increased its stake in four Adani Group companies during the September quarter, while LIC reduced its holdings in two. These changes occurred before the recent allegations against Gautam Adani.

Rajiv Jain’s GQG Partners Inc., one of the biggest investors in units of Adani Group, said it will buy back its own shares after they plunged on concern over the money manager’s exposure to the embattled Indian conglomerate.

One of the top investors in Adani Group launched an on-market share buyback to protect its share price against the contagion from a U.S. investigation into the Indian conglomerate.

GQG stock fell 10% to AUD 2.38 on the Australian Securities Exchange after the Attorney's Office for the Eastern District of New York and the US SEC alleged that Gautam Adani participated in a $250 million bribery scheme to secure solar energy contracts in India.

Apprehensions about the Adani stocks spread to banking and LIC shares, and mutual funds — even engulfing key investor GQG in Australia

Adani, an Indian business magnate and one of the richest men in Asia, faces new allegations of fraud to secure solar energy supply contracts.

Indian billionaire Gautam Adani, one of Asia’s richest men, may be facing his biggest challenge yet with an indictment by U.S. prosecutors for alleged fraud and bribery. But it’s unclear just how the case will affect his businesses and own future — as well as the Indian economy and government.

Gautam Adani, the world's 18th-richest person, came under scrutiny from both US prosecutors and a major short-selling group in recent years.