Adani investor GQG's shares plunge over 15% after UBS downgrades stock, cuts target price

Shares of major Adani Group investor GQG Partners plummeted by 15.74% following a downgrade from UBS, shifting the stock from a “buy” to “neutral” and reducing the target price from AU$3.30 to AU$2.30. This marks UBS’s first downgrade of GQG since covering the stock in 2022, with the Australian-listed investment firm being the fourth largest investor in flagship Adani Enterprises. As of 2:52 p.m. Sydney time, the stock was trading at AU$2.08.

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