GQG Partners’ aggressive selling of Indian stocks has put some of its biggest bets under pressure, with ITC and Adani group stocks bearing the brunt on Thursday, as a broader risk-off trade pushed the Nifty to a fresh 52-week low.
ITC fell nearly 4.03% after 36.66 crore shares, or 2.9% of the company, changed hands in a Rs 9,437-crore block deal at Rs 257 a share. The identities of the buyers and sellers were not immediately disclosed, but the transaction came days after GQG disclosed that it had reduced its ITC holding.
The ITC transaction has reinforced concerns about a broader GQG exit from some of its long-held Indian positions. GQG had already been cutting exposure to the Adani group, selling more than Rs 12,000 crore worth of Adani holdings during the June quarter, according to shareholding data.
Its selling has continued. Recent disclosed transactions include sales in Adani Enterprises, Adani Energy Solutions, Adani Green Energy and GMR Airports, while GQG has also bought some stocks, including JSW Steel.
The pressure on Adani stocks was particularly visible on Thursday. Adani Enterprises fell more than 4% in morning trade, while several group companies fell sharply as the broader market rout intensified.