Rajiv Jain promoted boutique emerging markets investment firm GQG Partners, with investments in Adani group companies valued at $10 billion, is monitoring the charges brought against the Adani group by US authorities.
“Our team is reviewing the emerging details and determining what, if any, actions for our portfolios are appropriate,” the investment firm said in a statement earlier in the day. It added that its made diversified investments and in aggregate over 90 per cent of its clients assets were invested with issuers unrelated to the Adani group.
The investments would have taken a hit following the steep losses in the share prices of Adani group stocks, while its depository receipts traded in Sydney saw sharp falls earlier in the day.
Through thick and thin
In March 2023, when the Adani group as well as its shares were reeling under the onslaught of the charges brought by the short seller Hindenburg Research, Jain had backed the group and bought small stakes in key group firms. It helped in restoring investor confidence not only in India but also among overseas bond holders.
He has been a vocal and staunch supporter of Adani’s businesses and has small stakes in key group firms such as Adani Enterprises where he holds 3.52 per cent stake, over 4 per cent stake in Adani Ports and Special Economic Zone through different funds, 1.76 per cent stake in Adani Power, and 4.2 per cent in Adani Green Energy.