Adani Power gains 3%, recover previous day’s loss after GQG revealed as buyer of 8.1% stake

The US-based GQG Partners had invested $1.87 billion in March, in several Adani-group companies in the aftermath of the Hindenburg research report.

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Adani Power share price gained over 3 percent in the morning trade on August 17, recovering the previous day’s loss, after it became known that GQG Partners was the buyer of 8.1 percent equity stake in the company. Adani Power stock rose to as high as Rs 288.3 in the morning, against the previous close of Rs 279.9.

Earlier, on August 16, Adani Power shares dropped as much as 4 percent intraday before recouping some of the losses to end the day at Rs 279.9, on reports of a sale of 8.1 percent equity stake. After the market closed, it was revealed that Rajiv Jain’s GQG Partners bought the stake for about Rs 9,000 crore ($ 1.1 billion).

At 09.36 am, shares of Adani Power were trading at Rs 287.40 on the National Stock Exchange, up 2.6 percent from the previous close.

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In March, the US-based GQG Partners had invested $1.87 billion in Adani Enterprises, Adani Ports, Adani Transmission and Adani Green Energy after Adani group lost about half the market value following the release of the short-seller Hindenburg Research report. The fund then put in another $1 billion in June in Adani group companies.

Adani group stocks tanked after the US-based short-seller flagged governance concerns, with Adani Enterprises losing as much as 75 percent in market capitalisation in just a month. The group firms as a whole erased about Rs 10 lakh crore in market cap.

The stocks have seen a sharp recovery, with Adani Enterprises jumping nearly 150 percent in the last five months. GQG has made stellar gains on investments in Adani group companies since March, taking the current value of its investments to about $4 billion.

Also Read | GQG picks up 8.1% in Adani Power for $1.1 billion

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