"US investment firm suffers losses after buying Adani Group stocks in Australia"
.jpeg "Adani")
GQG Partners, a US-based investment firm, has suffered losses after investing in four Adani Group stocks in Australia. Adani Group is a conglomerate headquartered in India, with businesses spanning ports, power, and infrastructure.
The four Adani Group stocks in which GQG Partners invested were Adani Enterprises, Adani Ports and Special Economic Zone, Adani Transmission, and Adani Green Energy. The investment firm reportedly purchased a stake worth AU$126.6 million ($91.8 million) in these stocks.
US investment firm suffers losses after buying Adani Group stocks in Australiahttps://t.co/ZKccVwNxkG#AdaniGroupStocks #InvestmentFirmLosses #ForeignInvestment #AustraliaStockMarket #MyanmarMilitaryTies #EnvironmentalConcerns #BusinessNews #AdaniEnterprises #AdaniPorts
— feedGer (@feedGerr) March 3, 2023
However, the shares of all four companies have experienced a significant drop, with Adani Transmission being the worst performer with a decline of nearly 26%. The drop in share prices has resulted in a loss for GQG Partners, which has now reduced its stake in the companies.
The decline in the Adani Group's stock prices is attributed to several factors, including a report by The Guardian claiming that three of the group's firms are at risk of being added to a US blacklist due to alleged ties with the Myanmar military. There are also concerns about environmental issues related to the group's operations in Australia.
Despite the losses, GQG Partners' investment in the Adani Group stocks highlights the increasing interest of foreign investors in the Indian conglomerate's businesses.