SYDNEY (Reuters) -Shares of Australian-listed GQG Partners tumbled 13% on Monday after UBS downgraded the stock and said the firm may have lost A$600 million ($390 million) in funds under management in the two days following the indictment of Adani Group executives.

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.

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

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.

GQG Partners experiences a 13% drop in stock value post-analyst downgrade, highlighting risks in investing in conglomerates like Adani Group.

GQG Partners shares drop after UBS downgrade due to Adani Group ties, while Adani Green Energy faces uncertain future.

Boutique investment firm GQG Partners has expressed confidence in the Adani group despite recent bribery allegations against its promoters. GQG believes the charges target individuals and not the firms themselves,

Rajiv Jain’s GQG Partners Inc., one of the biggest investors in units of Adani Group, said it will buy back its own shares after they plunged on concern over the money manager’s exposure to the embattled Indian conglomerate.

GQG Partners , which has a near 20% stake in India's Adani Group, saw its Australia-listed shares plunge 23% on Thursday after Gautam Adani, the conglomerate's chair, was indicted in the U.S. over charges of bribery and fraud.

GQG Partners faces a 26% loss in Adani stocks amid bribery allegations, prompting a potential portfolio review while refusing to sell, despite mounting controversy.

As of November 21, GQG's total exposure in Adani Group stood at $8.1 billion on total assets of $156.7 billion, or 5.2% of total assets.