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.

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.

A key point in the conversation is that the charges against Adani and co. are very serious, and the amounts involved are staggering. “In the scheme of indictments that I’m familiar with, with respect to bribery, these are at the top level in terms of the amounts of money that are being discussed,” Jerry said.

The billionaire said the company is committed to "world-class regulatory compliance," without giving further details.