Rajiv Jain’s GQG Partners ups Adani bet with a fresh ₹5,100 crore block deal investment; here’s how group stocks reacted

Rajiv Jain-backed GQG Partners has ramped up its exposure to the Adani Group with a fresh ₹5,100 crore investment across five group companies through a series of block deals on Wednesday. The U.S.-based asset management firm bought additional shares in Adani Enterprises , Adani Ports and SEZ , Adani Power , Adani Green Energy , and Adani Energy Solutions .

GQG Partners has consistently increased its investments in the Adani Group since making its first significant investment of ₹15,446 crore (about $1.87 billion) in March 2023, following the Hindenburg Research report. It made its initial investment in four Adani companies: Adani Enterprises, Adani Ports and Special Economic Zone, Adani Green Energy, and the then Adani Transmission (now Adani Energy Solutions).

In June 2023, the firm increased its stake by buying additional shares worth about $1 billion (₹8,200 crore) from the Adani family trust in Adani Enterprises, Adani Green Energy, and Adani Energy Solutions. Adding to it, GQG injected another ₹8,700 crore ($1.1 billion) into Adani Power.in August 2023.

The latest purchases indicate GQG’s continued conviction in the billionaire Gautam Adani-led conglomerate, which the firm has steadily backed since the post-Hindenburg selloff in early 2023.

Raises stake in 5 Adani group cos

According to exchange data, GQG increased its stake further in Adani Enterprises, Adani Ports and SEZ, Adani Green Energy, Adani Power, and Adani Energy Solutions. The biggest allocation went to Adani Enterprises, where the firm picked up 53.42 lakh shares at ₹2,462 each, amounting to ₹1,315.2 crore. The shares were sold by Reliance Institutional Retirement Trust Series Eleven.

In Adani Ports, GQG acquired an additional 73.17 lakh shares in two tranches at ₹1,507.6 apiece for a total consideration of ₹1,103.14 crore, also offloaded by Reliance Trust.

The investment firm purchased 77.39 lakh shares of Adani Green Energy at ₹1,088.6 per share, amounting to ₹842.53 crore; 83.61 lakh shares of Adani Power at ₹153.28 per share for a deal size of ₹1,281.57 crore; and 53.94 lakh shares of Adani Energy Solutions at ₹1,021.55 per share across two trades, totalling ₹551.08 crore.

Before the latest round of purchases, GQG already held stakes across the Adani Group companies. At the end of the September 2025 quarter, the Rajiv Jain–backed firm was holding 1.75% (2.01 crore shares) in Adani Enterprises, 2.42% (5.21 crore shares) in Adani Ports, 2.46% (4.04 crore shares) in Adani Green Energy, 1.86% (2.23 crore shares) in Adani Energy Solutions, and 1.54% (29.23 crore shares) in Adani Power.

How Adani Group stocks reacted

Despite the positive development, Adani Group stocks saw mixed reactions, with flagship Adani Enterprises, Adani Ports, and Adani Green Energy slipping into negative territory. At the time of reporting, Adani Enterprises shares were trading at ₹2,433.85, down 0.11%, while Adani Ports fell 0.42% to ₹1,488.75. Adani Green Energy edged lower by 0.14% to ₹1,075.80.

On the other hand, Adani Energy Solutions inched up 0.08% to ₹1,027.85, while Adani Power was the top performer, gaining 1.27% to ₹151.50.

Notably, GQG’s investment in Adani Group stocks came after global brokerage Bank of America (BofA) initiated credit coverage on the power-to-port conglomerate last week. The U.S.-based brokerage assigned an “Overweight” rating to several of Adani Group’s U.S. dollar-denominated bonds, citing the conglomerate’s strong fundamentals, resilient operations, and continued funding access despite persistent regulatory scrutiny.

Bank of America observed that over the past two years, the holding companies of Adani’s bond issuers have shown consistent EBITDA growth and moderation in leverage, supported by capacity expansion and disciplined operations.

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