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, an investor in Adani group companies, is monitoring charges against Gautam Adani and Adani group executives in the bribery case, Reuters quoting sources said. The investment company's shares took a beating in Australian trading,

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.

GQG Partners monitoring Adani group charges, with investments valued at $10 billion, diversified portfolio unaffected.

Rajiv Jain-led GQG Partners Inc, one of the biggest investors and backer of Gautam Adani-led Adani Group, may buy back its own shares after they plunged on concern over the fund manager's exposure to the Indian conglomerate,

Gautam Adani, the billionaire chair of Indian conglomerate Adani Group and one of the world's richest people, could face a long road to trial in the U.S. on criminal charges over his alleged role in a multi-billion-dollar fraud and bribery scheme.

Flagship Adani Enterprises Ltd. slumped as much as 23 per cent following allegations that founder Gautam Adani drove a $250 million plot to bribe Indian government officials for solar energy contracts. The conglomerate’s several dollar notes listed overseas saw heavy losses, while a unit of the group scrapped a $600 million bond.

GQG issued a statement indicating that they are closely monitoring the charges filed by the US Attorney's Office for the Eastern District of New York and the US Securities and Exchange Commission against Gautam Adani.

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.