Shares of Australia-listed GQG Partners rebounded strongly in Friday’s trading session, surging about 16% to an intraday high of AUD 2.48. However, the stock has since pulled back from its highs.

The sharp rise in the stock price followed the company’s announcement of a planned buyback of its Australia-listed shares. The move comes after a sharp sell-off on Thursday, driven by concerns over its investments in the Adani Group.

GQG Partners was one of the first investors to acquire stake in the Adani Group post the Hindenburg scandal last year.

The Florida-based asset manager has launched an on-market share buyback worth up to 100 million Australian dollars, which is equivalent to $65.1 million.

GQG’s shares dropped 19% on Thursday, after US prosecutors charged billionaire Gautam Adani with helping to drive a $250 million bribery scheme.

GQG Partners had released a statement to the Australian Exchanges with regards to the US District Court and the SEC orders against the Adani Group over an alleged bribery scheme.

In its statement, GQG had said that it is monitoring the charges brought today by the US Attorney’s Office for the Eastern District of New York and the US Securities and Exchange Commission against Gautam Adani and certain other Adani Group executives and companies.

“Our team is reviewing the emerging details and determining what, if any, actions for our portfolios are appropriate,” the statement read.

GQG also said that consistent with their portfolio construction guidelines, GQG Portfolios makes diversified investments and in aggregate, over 90% of their clients’ assets are invested in issuers unrelated to the Adani Group.

As of September-end, GQG Partners held stake in six Adani Group companies, which ranged between 1.5% to 2%.

Stocks	GQG Stake As of Sept 30, 2024
Ambuja Cements	2.05%
Adani Energy Solutions	1.89%
Adani Power	1.76%
Adani Green Energy	1.62%
Adani Enterprises	1.45%
Adani Ports	1.46%

Shares of Adani Group companies are witnessing sharp fluctuations in today’s trading session after initially extending losses from yesterday’s decline.

Adani Ports shares, which tumbled as much as 6% at the start of trade, have now turned positive. Adani Enterprises, which dropped 7% in early trading, have also recovered all of their losses.

However, it must be noted that Adani Enterprises is in the F&O ban, which means no new positions can be created in the stock, however, existing positions can be dealt with.