MUMBAI: Adani Group’s stocks surged on Friday after winning a vote of confidence from one of the biggest names in emerging-market investing, helping cap the Indian conglomerate’s best week since late January when a US short-seller’s explosive report triggered an unprecedented rout.
All 10 Adani stocks rose after Rajiv Jain’s GQG Partners bought shares in four firms from an Adani family trust on Thursday. The $1.9 billion investment is the most significant show of support for Adani from a major money manager since Hindenburg Research’s January 24 report alleged accounting fraud and share-price manipulation, spurring a selloff that at one point erased nearly two-thirds of the group’s market value. About $18 billion was recouped this week.
