GQG Partners' shares plummet 25% after Gautam Adani's indictment, on track for record loss.

• On Thursday, GQG Partners' shares dropped by up to 25% following the charges against Adani Group chair Gautam Adani in New York.
• The largest one-day fall since the firm's listing on Oct. 2021 is expected to occur this fall.
• In January this year, Rajiv Jain, chairman and chief investment officer at GQG Partners, revealed to CNBC that his profits from Adani were approximately $4 billion, but he was likely to stop investing in the group.

On Thursday, shares of Australia-listed GQG Partners plummeted by as much as 25%, with the potential for their worst day on record, following the fraud charges against Adani Group Chair Gautam Adani in New York.

The steepest one-day fall since its listing on Oct. 2021 will be the investment firm's losses.

As Indian stock markets opened for trade, shares of Adani Group companies plummeted, causing the index to drop 0.75% and the BSE Sensex to fall 0.73%.

According to LSEG data, Adani Enterprises' fourth-largest shareholder is GQG, owning approximately 3.94% of the company.

GQG stated in a CNBC statement that it is monitoring the charges and reviewing the details to determine if any actions are necessary for its portfolios.

The investment firm emphasized that its portfolios are diversified, with over 90% of client assets invested in issuers unrelated to the Adani Group.

In January 2023, a short-seller report by Hindenburg Research accused Adani of fraud, resulting in a decline in the company's shares. Despite this, GQG has still profited from investing in Adani.

In January this year, Rajiv Jain, chairman and chief investment officer at GQG Partners, revealed to CNBC that his profits from Adani were approximately $4 billion, but he was likely to stop investing in the group.

In 2023, the Hindenburg Report accused Adani Group of "blatant stock manipulation and accounting fraud" over several decades, resulting in a 54% drop in share prices in the first quarter.