GQG Partners rescues Adani stocks from Deloitte fiasco. But primary fundraise is a bigger issue.

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Gautam Adani, Chairman, Adani group

Synopsis
The Adani Group requires institutional participation in terms of equity – both for growth and to pay off its existing debt. While GQG Partners, which has been buying the dip, is a good beginning, it will have to convince domestic institutional investors like mutual funds to take the company seriously.

Often attributed as a Chinese curse, there’s a saying, “May you live in interesting times”. Since the start of 2023, Indian billionaire Gautam Adani has been living in extremely interesting times. Around ten days ago, the Adani Group faced a fresh blow with Deloitte resigning prematurely as auditor for Adani Ports and SEZ. A few of the Adani Group stocks have corrected slightly following the news, especially given that Deloitte had been mandated