GQG Partners Sells Over ₹12,000 Cr Adani Group Shares in June Quarter

GQG Partners offloaded shares worth over $1bn or about ₹12,077 crore in various Adani Group firms during the June quarter. This retreat occurred despite rival foreign funds and domestic mutual funds raising their stakes in the conglomerate.

The massive sell-off by the US-based investment firm contrasts sharply with the buying activity of domestic and other overseas funds, as per a report by Moneycontrol.

Adani Enterprises saw the sharpest divestment. GQG Partners Emerging Markets Equity Fund, which owned 1.59% of the company at March-end, was absent from the latest list of shareholders. This stake was worth about ₹6,200 crore based on the average stock price during the June quarter, as per the report.

Whether the fund completely liquidated its position or merely dropped below the 1% regulatory reporting limit remains unknown. Simultaneously, Goldman Sachs Trust GQG Partners International Opportunities Fund trimmed its Adani Enterprises stake to 2.06% from 2.31%. This 0.25% divestment was worth approximately ₹932 crore.

Domestic mutual funds bought heavily. They doubled their total holding in Adani Enterprises to 5.4% from 2.71% in the prior quarter. This buying, worth about ₹10,692 crore, was driven by SBI Equity Hybrid Fund and Quant Small Cap Fund, as per Moneycontrol.

Divestments Across Group

According to the report, the investment firm also trimmed its Adani Green Energy stake by about 0.6%. This reduction was worth roughly ₹1,457 crore based on the average share price during the June quarter. Conversely, other foreign institutional investors raised their cumulative holding by 0.74%, purchasing shares worth about ₹1,814 crore. The official disclosures did not name these buyers.

Domestic mutual funds raised their stake in Adani Green Energy to 3.49% from 3.22%, adding shares worth about ₹644 crore. Meanwhile, GQG Partners lowered its ownership in Adani Ports and Special Economic Zone to 1.93% from 2.26%. This 0.33 percentage-point reduction was valued at approximately ₹1,380 crore.

Other FIIs raised their cumulative stake in Adani Ports to 15.58% from 13.25%. This additional acquisition was valued at about ₹9,716 crore. The official shareholding disclosures did not identify these purchasers. Meanwhile, GQG Partners lowered its holding in Adani Power to 4.32% from 4.8%, a 0.48% divestment worth approximately ₹2,070 crore.

Other foreign funds marginally raised their joint stake in Adani Power to 11.76% from 11.74%. In Adani Total Gas, overseas institutional investors trimmed their total holding to 6.7% from 6.82%. Adani Energy Solutions had not published its ownership data for the June quarter when Moneycontrol reported the figures.

Promoter Ownership Changes

Promoter holdings also witnessed significant shifts during the June quarter. In Adani Ports and Special Economic Zone, promoter ownership declined to 66.03% from 68.02%, with the reduction valued at around ₹8,302 crore, the Moneycontrol report said.

In contrast, the promoter stake in Adani Enterprises increased to 74.84% from 74.67%, with the additional holding valued at around ₹2,736 crore. These adjustments reflect strategic realignments by the Adani family across key group entities.