Shares of the Adani Group rose for the third consecutive session on Friday, effectively earning one investor approximately ₹3000 crores in two days. The development comes a little more than a month after a damning report by US short seller Hindenburg Research triggered a massive rout in Adani Group shares.
Earlier this week, a six-year-old investment boutique had made headlines after driving a block deal of ₹15,446 crore in four Adani Group stocks. US-based Rajiv Jain is the founder of GQG Partners and currently serves as its chairman and the portfolio manager for all of the GQG strategies.
According to reports, the NRI investor has now earned more than 20% returns in two days – making a profit of ₹3,102 crore since Thursday. The value of his investment is currently believed to stand at ₹18,548 crore.
An official statement by the Adani Group had confirmed that shares in Adani Ports and Special Econmomic Zone Ltd (APSEZ), Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL) were sold through secondary market block deals.
“The investment has made GQG a key investor in the development and growth of critical Indian infrastructure,” the Group had said. The massive deal also appears to have bolstered investor faith, with shares of Gautam Adani’s flagship Adani Enterprises rising nearly 17% in the past five days to settle at ₹1,879.35 on the BSE.
Stocks of Adani Ports rallied 9.81% while Ambuja Cements climbed 5.70% and ACC advanced 5.11%. Adani Transmission, Adani Green Energy and Adani Total Gas all gained by 5%.