GQG Partners adds ₹5,100 crore to Adani bets in 2026

What the block deals signalled to the market

GQG Partners, the U.S.-based asset manager backed by Rajiv Jain, was active in Adani Group stocks through a fresh set of block deals that together totalled about ₹5,100 crore. Exchange data cited in the report showed purchases across five listed companies: Adani Enterprises, Adani Ports and Special Economic Zone (APSEZ), Adani Green Energy, Adani Power, and Adani Energy Solutions. The transactions were executed through the block deal route on the NSE.

At the same time, a Reuters update also flagged a separate block trade where the GQG Partners emerging markets equity fund sold 5.9 million shares in Adani Enterprises, with SBI Mutual Fund buying the stake. The mixed set of prints underlined that multiple GQG-linked vehicles and counterparties were active, even as the broader narrative in the report focused on GQG increasing exposure to select Adani companies.

The largest purchase: Adani Enterprises

The biggest allocation in the disclosed buying was in Adani Enterprises. GQG picked up 53.42 lakh shares at ₹2,462 per share, taking the deal value to ₹1,315.2 crore. The seller for this leg was Reliance Institutional Retirement Trust Series Eleven, according to the exchange data referenced.

The report also carried market reference points for Adani Enterprises. It listed a last close price of ₹2,499.85 and an average target price of ₹2,715.00. During trading around the time of reporting, Adani Enterprises was quoted at ₹2,433.85, down 0.11%.

Adani Ports: two tranches at ₹1,507.6

In Adani Ports and SEZ, GQG acquired an additional 73.17 lakh shares in two tranches at ₹1,507.6 per share. The total consideration was ₹1,103.14 crore. These shares were also reported as being offloaded by Reliance Trust.

Despite the large institutional flow, the stock reaction was soft in the immediate window referenced. Adani Ports was reported down 0.42% at ₹1,488.75 during the day, and it later closed at ₹1,491.20 on NSE data mentioned in the text.

Green, Power, and Energy Solutions: the other legs

GQG’s purchases extended to three more Adani companies. In Adani Green Energy, the firm bought 77.39 lakh shares at ₹1,088.6 per share, amounting to ₹842.53 crore. In Adani Power, it purchased 83.61 lakh shares at ₹153.28 per share for a deal size of ₹1,281.57 crore.

In Adani Energy Solutions, the fund bought 53.94 lakh shares at ₹1,021.55 per share across two trades, totalling ₹551.08 crore. Across these transactions, Reliance Trust was identified as the seller in the data points cited.

How Adani stocks moved after the trades

The report described a mixed reaction across the group’s key names. At the time of reporting, Adani Enterprises, Adani Ports, and Adani Green Energy were all in negative territory by small margins. Adani Green Energy was cited at ₹1,075.80, down 0.14%.

Separate closing data mentioned later in the text showed Adani Enterprises ending at ₹2,439 on the NSE, down ₹23 or 0.93% over the previous close. Adani Ports ended at ₹1,491.20, down ₹16.40 or 1.09%, and Adani Green Energy ended at ₹1,077.20, down ₹11.40 or 1.05%.

Snapshot of the disclosed block deal details

What GQG already held as of September 2025

Before this latest round, GQG already held stakes across these Adani companies, based on the September 2025 quarter data cited. As of September 30, 2025, it held 1.75% (2.01 crore shares) in Adani Enterprises, 2.42% (5.21 crore shares) in Adani Ports, and 2.46% (4.04 crore shares) in Adani Green Energy. It also held 1.86% (2.23 crore shares) in Adani Energy Solutions and 1.54% (29.23 crore shares) in Adani Power.

These reference holdings matter because they frame the new trades as additions to already meaningful positions, rather than first-time entries.

Related prints and counterparties mentioned in the report

Alongside the purchases, the Reuters item highlighted that GQG’s emerging markets equity fund sold 5.9 million shares in Adani Enterprises via a block deal on NSE, with SBI Mutual Fund buying. The text also referenced other large flows in Adani counters in a separate context, including a bulk deal where SB Adani Family Trust sold 1.8 crore shares of Adani Enterprises at ₹2,300.

The combined takeaway from the reported prints is that the block deal window saw both buying and selling by different entities, with domestic institutions also appearing on the other side of trades.

Why these trades are watched closely

Large block deals in index and widely-held stocks tend to be closely tracked because they provide direct signals on institutional risk appetite and liquidity. Here, the disclosed values and share counts show meaningful single-day allocations, particularly into Adani Enterprises and Adani Power in rupee terms.

The report also connected these new purchases to GQG’s earlier involvement with Adani group companies. It referenced an earlier disclosed transaction in which Adani group companies sold minority stakes in four listed firms to GQG Partners for ₹15,446 crore through secondary block trades.

Market impact and what to track next

In the immediate aftermath described, price action did not uniformly follow the direction of the block flows, with some flagship names trading lower even after substantial buying. That divergence is common around block deals, where the market focuses on the block price, the identity of sellers, and near-term supply dynamics.

From here, the next clear datapoints for investors are subsequent shareholding disclosures and any further exchange-reported block deals. The report’s key factual anchor remains the size and spread of the transactions, and the way multiple institutional participants featured across the day’s prints.