Shares in Adani investor GQG fell more than 15% after the downgrade by UBS.

Shares of major investor Adani Group GQG partners fell by as much as 15.74% on Monday. Swiss bank UBS downgraded the stock from “buy” to “neutral” on Friday.

UBS also cut its target price on GQG from AU$3.30 to AU$2.30. Shares were trading at AU$2.08 at 14:52 Sydney time.

This is the Swiss company’s first downgrade for the stock since it began covering GQG in 2022. The Australian listed investment company is the fourth largest leading investor Adani companies.

GQG stocks fell to record lows for the day AUD 1.96 on November 21 after it was revealed that Adani Group Chairman Gautam Adani had been charged with fraud in New York. Shares lost as much as 25%, marking the investment company’s steepest one-day drop since listing.

The company said in an email to CNBC on Nov. 21 that it is monitoring Adani’s situation and is “reviewing the new information and determining what actions, if any, are appropriate for our portfolios.”

The investment firm also said it had “diversified investments” in its portfolios, saying more than 90% of client assets were invested in issuers not affiliated with the Adani group.

GQG had made billions since the company invested in Adani after the group’s shares fell in January 2023 after a short seller report from New York Hindenburg studies.

Rajiv Jain, chairman and chief investment officer of GQG Partners, told CNBC in January this year that his profit on Adani was about $4 billion, but he was likely done investing in the group.

After falling sharply following the Adani indictment, the group’s shares have been is recovering. Adani Green Energywhich is the company in the eye of the US indictment storm, rose 22% on Friday.

“As we work through the legal process, I would like to reaffirm our absolute commitment to world-class regulatory compliance,” Adani is said to have been said in his first remarks after being indicted on Saturday.

— CNBC’s Anniek Bao contributed to this report.