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Major Adani investor GQG shares fall 13% after analyst downgrade

Shares of GQG Partners, a major investor in the Adani Group, fell by 13% after a downgrade by J.P. Morgan analysts, who cited concerns over the firm's growth prospects and the sustainability of its investment strategy. The downgrade came after GQG Partners reported a significant drop in its quarterly earnings, largely due to its heavy exposure to Adani Group stocks, which have been under scrutiny following allegations of fraud and stock manipulation by Hindenburg Research earlier in the year. Despite these challenges, GQG's CEO Rajiv Jain expressed confidence in the long-term value of their investments in Adani, arguing that the market's reaction was overly pessimistic. However, the market's response reflects broader investor concerns about the risks associated with GQG's concentrated bets on the embattled conglomerate.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/major-adani-investor-gqg-shares-fall-13-after-analyst-downgrade-2024-12-02/ ]