UBS also cut its target price on the firm from AU$3.30 to AU$2.30, and this marks the Swiss bank's first ever downgrade of the stock since its listing.

SYDNEY (Reuters) - Shares of Australian-listed GQG Partners fell 13% on Monday after UBS analysts downgraded the stock and estimated the firm could have lost A$600 million ($390 million) in funds under management following the Adani Group indictment.

The Adani bribery charges have sparked a “snap change” in client flows for the fund manager and research analysts are cutting their price targets.