Adani Group stocks rose sharply Friday after Florida-based GQG Partners
GQG,
invested nearly $1.9 billion in the shares that had tumbled, following a report by U.S. short-seller Hindenburg Research late January.
Adani Enterprises Ltd. shares
512599,
were recently 11% higher and Adani Ports & Special Economic Zone Ltd. shares
532921,
were up 6.3%.
Adani Group said Thursday after the market closed that GQG Partners, which manages about $92 billion in client assets, bought shares in four Adani companies worth 154.46 billion Indian rupees ($1.88 billion).
An Adani family trust sold the shares in Adani Enterprises, Adani Ports & Special Economic Zone, Adani Transmission Ltd.
539254,
and Adani Green Energy Ltd.
541450,
to GQG Partners, block trade data and regulatory filings showed.
“We believe that the long-term growth prospects for these companies are substantial, and we are pleased to be investing in companies that will help advance India’s economy and energy infrastructure,” said Rajiv Jain, chairman and chief investment officer of GQG Partners.
Adani Transmission shares were recently 5.0% higher and Adani Green Energy shares were also up 5.0%. Other listed Adani Group shares were broadly higher.
Shares of Adani Group companies fell sharply following the publication of a report by Hindenburg Research on Jan. 24. The U.S.-based short seller alleged Adani had manipulated its share prices, among other things. Adani has denied the claims.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
