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.

By Scott Murdoch 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.

GQG Partners shares drop after UBS downgrade due to Adani Group ties, while Adani Green Energy faces uncertain future.

Adani Ports rose 2 per cent, Ambuja Cements gained 1.33 per cent, ACC climbed 1 per cent, and Sanghi Industries advanced 1 per cent

Gautam Adani breaks silence on US allegations to say his group is committed to compliance:: Gautam Adani, Adani Group founder"Less than two weeks back, we faced a set of allegations from the U.S. about compliance practices at Adani Green Energy.