GQG pares Rs 8,000 crore of Adani stakes in September quarter as FPI bets turn mixed
The firm, founded by Rajiv Jain and managing assets of more than $156 billion, attracted widespread attention in 2023 when it bought stakes in Adani Group companies amid a selloff following allegations by US short-seller Hindenburg Research.
ET BureauGQG’s latest reductions follow estimated stake sales worth around ₹13,200 crore in the first six months of 2026. In contrast to GQG’s selling, overall FPI holdings rose in Adani Enterprises and Adani Ports during the September quarter, while declining in Adani Power, Adani Green Energy and Adani Energy Solutions.
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GQG’s biggest reduction during the quarter was in Adani Energy Solutions, where its stake fell to 1.71% from 4.14% in June. The market value of GQG’s holdings across Adani Group companies stood at around ₹39,270 crore at the end of September, compared with ₹47,290 crore a quarter earlier.
During January-June 2026, Adani Enterprises accounted for GQG’s largest estimated stake reduction at around ₹6,375 crore, followed by Adani Green Energy and Adani Power.
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Overall FPI holdings showed a mixed trend during the September quarter. Foreign investors reduced their stakes in Adani Power, Adani Green Energy and Adani Energy Solutions, while increasing their holdings in Adani Ports, Adani Enterprises and Adani Total Gas. Mutual funds also showed a mixed pattern. Their holdings declined in Adani Enterprises, Adani Ports and Ambuja Cements, while increasing in Adani Energy Solutions, Adani Power and Adani Green Energy.
