This is how much Rajiv Jain's GQG made from its investment in Adani companies

GQG Partners’s stake in Adani Group companies has reportedly grown about fivefold. The firm’s initial investment of $1.9 billion in March has ballooned to $10 billion in value on the back of market gains and additional stakes, fund manager Sudarshan Murthy told Bloomberg. 

Emerging market investor Rajiv Jain cut against the grain when he bought battered Adani shares following Hindenburg Research’s allegations of accounting fraud, which the company has repeatedly denied. 

The Gautam Adani-led group has recovered more than two-thirds of the market capitalization that it lost following the report, after it wooed investors and bankers. 

The Supreme Court has rejected a high-level probe into Hindenburg’s allegations. Shares of flagship firm Adani Enterprises Ltd. have more than doubled since a trough last February, and are less than 5% away from levels seen before the report.

The GQG Partners Emerging Markets Equity Fund has about $2.23 billion invested in seven Adani companies, of which $1.06 billion is in Adani’s energy and utility companies.

“Adani Power is the country’s largest private thermal power producer,” and may double its capacity through 2029, Murthy said. Meanwhile, Adani Green Energy Ltd. has secured land “that gives them a clear runway where they can build in the next five years,” he added.