Adani shares: Rajiv Jain\’s GQG mints Rs 3,000 cr profit as SC reserves Hindenburg order

With Adani group firms experiencing a surge of up to 20 percent in Tuesday\’s trading, GQG Partners, under the leadership of Rajiv Jain, reaped profits of around Rs 3,000 crore in a single session. Information from the corporate database AceEquity indicates that the Adani bull held stakes in six out of the ten listed Adani group companies, specifically Adani Power Ltd, Adani Energy Solutions Ltd, Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Ports & SEZ, and Ambuja Cements. The value of GQG\’s investments reached approximately Rs 31,000 crore, contrasting with Rs 27,998.08 crore as of Friday\’s closing levels.

On Tuesday, Adani Power Ltd shares surged by 13.75 percent intraday to Rs 451.50 on BSE. GQG Partners EM Equity Fund held a 1.28 percent stake in this Adani group firm as of September 30. Additionally, Goldman Sachs Trust II – Goldman Sachs GQG Partner held another 2.75 percent stake in the Adani group utility. Shares of Adani Energy Solutions Ltd rose by 17.75 percent to Rs 860. Goldman Sachs Trust II – Goldman Sachs GQG Partners International Opportunities Fund held a 2.49 percent stake in this company as of September 30.

Adani Enterprises, the flagship company of the Adani group, saw its shares locked at the 10 percent upper circuit limit at Rs 2,449.45. Two GQG-related funds collectively owned a 2.74 percent stake in Adani Enterprises at the end of September.

Adani Green Energy shares rose by 13.50 percent, Adani Ports advanced by 5.32 percent, and Ambuja Cements added 4.59 percent, respectively. GQG held stakes ranging from 1.8 to 3.6 percent in these three Adani group firms.

GQG Partners emerged as the first investor in the Adani group following the Hindenburg Research report, which triggered a $150 billion rout in Adani group shares. On March 2, GQG Partners invested Rs 15,446.35 crore in four of the group companies. Subsequently, GQG increased stakes in multiple Adani group firms in a staggered manner.

In total, the market capitalization of the Adani group reached over Rs 11 lakh crore intraday, still down about 40 percent from the Rs 19.19 lakh crore level on January 24, the day Hindenburg Research released its report claiming stock manipulation and accounting fraud by the Adani group. The Supreme Court (SC) later instructed Sebi to investigate the allegations, and on Friday, the SC reserved its order in the Adani-Hindenburg case after hearing multiple pleas in the matter.

Chief Justice of India DY Chandrachud, leading the bench, suggested that the court cannot doubt the market watchdog\’s probe into the case based solely on a few media reports. However, the court stated that Sebi must complete the probe in all 24 cases. In its status report on August 25, Sebi indicated that it had completed its investigation in 22 out of the 24 cases.

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