GQG Partners, a prominent investment firm led by Rajiv Jain, has significantly trimmed its exposure to various Adani Group stocks for the second consecutive quarter. The reductions, detailed in Q2 corporate data, affect key entities including Adani Energy Solutions Ltd, Adani Green Energy Ltd, Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, and Adani Power Ltd.
Steepest Cuts in Adani Energy and Adani Green
The most substantial divestments occurred in Adani Energy Solutions Ltd. GQG Partners Emerging Markets Equity Fund is no longer listed among shareholders holding over 1 percent, and the Goldman Sachs GQG Partners International Opportunities Fund reduced its stake by 107 basis points (bps) quarter-on-quarter to 1.71 percent from 2.78 percent. Overall, GQG's total stake in Adani Energy Solutions fell by 243 basis points to 1.71 percent from 4.14 percent.
Adani Green Energy Ltd also saw a notable reduction. Combined holdings by GQG Partners Emerging Markets Equity Fund and Goldman Sachs GQG Partners International Opportunities Fund decreased by 59 bps, moving from 3.82 percent to 3.23 percent quarter-on-quarter.
Broader Reductions Across Adani Portfolio
Beyond the steepest cuts, GQG Partners also reduced its stake in other Adani Group companies:
- Adani Enterprises Ltd: The firm's holding in the flagship company decreased by 24 bps to 1.82 percent (2,46,71,172 shares) in the September quarter, down from 2.96 percent (2,67,65,500 shares) in the June quarter.
- Adani Ports and Special Economic Zone Ltd: Goldman Sachs GQG Partners International Opportunities Fund cut its stake by 21 bps, from 1.93 percent (4,44,95,892 shares) to 1.72 percent (3,97,14,872 shares) in Q2.
- Adani Power Ltd: The two GQG funds collectively trimmed their stake by 38 bps, falling from 4.32 percent in June to 3.94 percent in the September quarter.
GQG Partners initially began investing in the Adani Group following the Hindenburg Research report. However, the investment firm has recently been reducing its broader exposure to Indian equities, including selling nearly Rs 9,400 crore worth of ITC Ltd shares during the ongoing quarter.