GQG Partners-managed entities sold 5,039,326 Adani Power shares through multiple on-market transactions, according to the disclosure as reported by The Economic Times on October 9, 2026. Their combined reported holding moved from 5.74% to 5.72%. The filing’s phrase “aggregate change of shareholding in excess of 2%” describes its disclosure language; it does not mean the combined stake fell by more than 2%.
Did GQG sell more than 2% of Adani Power?
Not according to the before-and-after ownership figures reported in the article. Those figures show a decline from 5.74% to 5.72%, or 0.02 percentage points using the rounded percentages. The “in excess of 2%” wording appears in the reported disclosure as the aggregate-change threshold that prompted the filing, not as the size of the reduction in GQG-managed entities’ combined holding.
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The directly reviewed report quotes Adani Power’s filing but does not reproduce the primary exchange filing document itself. Its quoted language says that the entities listed in an annexure, described as the “Acquirer and PACs,” sold shares in multiple on-market transactions, with GQG Partners LLC acting as their investment manager and making the investment decision on their behalf.
How many shares were sold, and what stake remains?
| Reported measure | Before the transactions | After the transactions | Change |
|---|---|---|---|
| Shares held | 1,107,475,959 | 1,102,436,633 | 5,039,326 shares sold |
| Combined holding | 5.74% | 5.72% | 0.02 percentage points lower |
The share counts and percentages are from Adani Power’s disclosure as reported by The Economic Times. The 0.02-point change is calculated by subtracting the reported 5.72% from 5.74%; both percentages are rounded in the report. The reported post-transaction holding is 5.72%, so this was not an outright exit.
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What else did the reported disclosure say?
The Economic Times said the disclosure reported no encumbered shares, no voting rights other than those attached to the equity shares, and no warrants or convertible securities entitling the entities to voting shares. These details are attributed to the reported disclosure; the underlying exchange filing was not independently reviewed here.
Does the sale explain why GQG sold?
No reason is established in the reported disclosure. A sale alone does not establish profit-taking, a change in investment conviction, or any other motive.
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The Economic Times also reported that Adani Power shares settled at ₹189 on the BSE in the session described, and that the stock was up 27.05% year to date while the Nifty 50 was down nearly 14% at publication. Those are October 9, 2026 article snapshots, not current prices, and they do not explain the decision to sell.
How does the Bhutan hydropower announcement fit in?
It is a separate company development, not an explanation for the share sale. The Economic Times reported that on October 6, 2026, Adani Power announced a shareholders’ agreement with Bhutan’s state-owned Druk Green Power Corporation Ltd. for the 770 MW Chamkharchhu-I Hydroelectric Project.
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The announced plan is a 49:51 equity partnership under a build-own-operate-transfer arrangement, with a 30-year concession from commercial operations. Construction was expected to begin in the first half of 2027, and commissioning was targeted six years after groundbreaking. These are forward-looking plans and targets, not completed construction or generation, as reported by The Economic Times.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is this the same as GQG’s 2023 Adani investment?
No. An Adani Group release dated March 2, 2023 said GQG completed ₹15,446 crore (US$1.87 billion) in secondary block trades across Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission and Adani Enterprises. The release does not list Adani Power among those four companies, so that transaction should not be conflated with the 2026 Adani Power sale.
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The 2023 release identified Rajiv Jain as GQG Partners’ Chairman and CIO and quoted him expressing confidence in the long-term prospects of the companies involved. It also quoted then-Adani Group CFO Jugeshinder (Robbie) Singh welcoming the transaction and describing GQG as a strategic investor. Those were statements in a company release, not independent assessments of the companies.
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