Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. REUTERS/Amir Cohen/File Photo
SYDNEY/BENGALURU, March 3 (Reuters) – Adani shares surged on Friday after a $1.87 billion investment in the group by GQG Partners Inc eased concern about the group’s ability to attract funding, while the conglomerate lined up more road shows to shore up investor confidence.
The stake purchases by the U.S. boutique investment firm comprised the first major investment in billionaire Gautam Adani’s conglomerate since a short-seller’s critical report resulted in seven of the Indian group’s listed firms losing more than $130 billion in market value.