UBS also cut its target price on the firm from AU$3.30 to AU$2.30, and this marks the Swiss bank's first ever downgrade of the stock since its listing.

SYDNEY (Reuters) -Shares of Australian-listed GQG Partners tumbled 13% on Monday after UBS downgraded the stock and said the firm may have lost A$600 million ($390 million) in funds under management in the two days following the indictment of Adani Group executives.

The Adani bribery charges have sparked a “snap change” in client flows for the fund manager and research analysts are cutting their price targets.

GQG Partners experiences a 13% drop in stock value post-analyst downgrade, highlighting risks in investing in conglomerates like Adani Group.

Shares of Australian-listed GQG Partners fell 13% on Monday after UBS analysts downgraded the stock and estimated the firm could have lost A$600 million ($390 million) in funds under management following the Adani Group indictment.

Rajiv Jain’s GQG Partners Inc., one of the biggest investors in units of Adani Group, said it will buy back its own shares after they plunged on concern over the money manager’s exposure to the embattled Indian conglomerate.