While shares of Adani group enterprises rose up to 20% on Tuesday, Rajiv Jain-led GQG Partners profited by Rs 3,000 crore in a single day. According to data provided by corporate database AceEquity, the Adani bull owned holdings in six of the ten listed Adani group companies, including Adani Power Ltd, Adani Energy Solutions Ltd, Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Ports & SEZ, and Ambuja Cements. GQG's investments were valued at almost Rs 31,000 crore, compared to Rs 27,998.08 crore at Friday's closing prices.
On the BSE on Tuesday, shares of Adani Power Ltd rose 13.75 percent intraday to Rs 451.50. As of September 30, GQG Partners EM Equity Fund owned 1.28 percent of this Adani group company. In addition, Goldman Sachs Trust II-Goldman Sachs GQG Partner owned 2.75 percent of the Adani group utilities. Adani Energy Solutions Ltd's stock rose 17.75% to Rs 860. As of September 30, Goldman Sachs Trust II - Goldman Sachs GQG Partners International Opportunities Fund owned 2.49 percent of this company.
Adani Enterprises shares, the Adani group's flagship, were stuck at a 10% upper circuit limit of Rs 2,449.45. At the end of September, two GQG-related funds held a combined 2.74 percent investment in Adani Enterprises. Adani Green Energy gained 13.50%, Adani Ports gained 5.32 percent, and Ambuja Cements gained 4.59 percent, respectively. GQG owned 1.8-3.6 percent of the three Adani group companies.
Following the Hindenburg Research report, which prompted a $150 billion crash in Adani group shares, GQG Partners was the Adani group's first investment. GQG Partners invested Rs 15,446.35 crore in four group entities on March 2. GQG gradually increased its shares in other Adani group companies.
In sum, the Adani group's market capitalisation exceeded Rs 11 lakh crore intraday, still down roughly 40% from the Rs 19.19 lakh crore level on January 24, the day Hindenburg Research released its research alleging stock manipulation and accounting fraud by the Adani group. Later, the Supreme Court (SC) directed Sebi to conduct an investigation into the claims. After hearing various appeals in the Adani-Hindenburg case, the Supreme Court reserved its decision on Friday.
A bench led by Chief Justice of India DY Chandrachud recommended that the court cannot mistrust the market watchdog's investigation into the issue based on a few media stories, but that the market regulator Sebi must complete the investigation in all 24 cases. Sebi previously stated in its status report on August 25 that it had concluded its investigation in 22 of the 24 instances.
