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 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.

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.

India's benchmark equity indexes fell on Thursday, dragged down by a plunge in Adani Group company stocks after U.S. authorities indicted Gautam Adani, the conglomerate's chairman, over his alleged role in a $265 million bribery scheme.

Shares in Adani Enterprises, the group’s flagship company, fell by over 20%, helping erase an estimated $15 billion from Gautam Adani’s net worth.