Adani stocks are getting no love from India’s money managers
时间:2024-09-29 02:35:13 阅读(143)
Money managers in India have continued to trim holdings of Adani Group’s stocks, suggesting concerns about governance remain even as the worst of the rout seems to have passed. Investments by local equity mutual funds in the group accounted for only 0.9% of the industry’s $182 billion in assets at the end of March, according to data compiled by Bloomberg. That’s down from nearly 2% as of Dec. 31. The embattled conglomerate at one point saw $153 billion erased from its market value in the selloff following the release of Hindenburg Research’s scathing report on Jan. 24. The group has vehemently denied allegations made by the short-seller, and has since trimmed down capital spending for growth and said that its founders have paid back share-backed loans.
Local managers’ continued caution is at odds with the optimism shown by GQG Partners’ star investor Rajiv Jain, who spent nearly $2 billion to scoop up stakes in four Adani stocks in early March. The move acted as a catalyst for a rebound of more than $30 billion in the group’s market value.
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