Stocks of nine of 11 Adani Group firms climbed higher in the stock market in the morning trade of Monday, November 25, 2024. As investors seemed to look beyond the US SEC charges, Adani shares rebounded from their Thursday lows and inched higher.

Rajiv Jain’s GQG Partners Inc., one of the biggest investors in units of Adani Group, said it will buy back its own shares after they plunged on concern over the money manager’s exposure to the embattled Indian conglomerate.

One of the top investors in Adani Group launched an on-market share buyback to protect its share price against the contagion from a U.S. investigation into the Indian conglomerate.

MUMBAI: GQG Partners, a major foreign investor in the Adani group companies, has initiated defensive measures to safeguard its share price following the fallout from a US investigation into the Ahmedabad-based conglomerate.

As per the report, the US-based investment firm plans to repurchase as much as A$100 million ($65 million) worth of depositary receipts listed in Sydney.

Adani group on Thursday denied charges of paying bribes to secure favourable terms for solar power contracts, saying the allegations by US prosecutors are baseless and the conglomerate is compliant with all laws.