Adani investor GQG's shares plunge over 15% after UBS downgrades stock, cuts target price
Publishing timestamp: 2024-12-01 23:45:03
Summary
UBS downgraded its target price on GQG, the fourth largest investor in Adani Enterprises, from AU$3.30 to AU$2.30. This is the Swiss firm's first ever downgrade of the stock since it began covering it in 2022. GQG had made billions investing in Adani after the group's shares tumbled in January 2023. Shares of GQG fell as much as 15.74% after the downgrade. Adani Group Chair Gautam Adani had been charged with fraud in New York, leading to a steep fall in GQG's stock. Despite the situation, Adani Group's shares have been recovering.
Sentiment: NEGATIVE
Tickers: ADANIGREEN-IN, ADANIENT-IN,
Keywords: gqg partners inc, business news,