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.

While the Adani Group consists of a network of interconnected companies, each of the group’s listed entities operates independently, GQG noted.