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 Partners increased its stake in four Adani Group companies during the September quarter, while LIC reduced its holdings in two. These changes occurred before the recent allegations against Gautam Adani.

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 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.

Apprehensions about the Adani stocks spread to banking and LIC shares, and mutual funds — even engulfing key investor GQG in Australia

While GQG said more than 90% of its client assets are invested in issuers unrelated to the Adani Group, the investment firm’s depository receipts listed in Sydney slumped by a record 19%.

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,

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.

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.