GQG Partners' stock plunges over 20% on US bribe, fraud charges against India's Adani
GQG owns a combined stake of 19.37% in Adani Enterprises, Adani Power, Adani Green Energy and Adani Energy Solutions, according to LSEG data. "Our team is reviewing the emerging details and determining what, if any, actions for our portfolios are appropriate," GQG said in a statement. Earlier, U.S. authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.