REUTERS, Bengaluru

US boutique investment firm GQG Partners has bought shares worth $1.87 billion in four Adani group companies, marking the first major investment in the Indian conglomerate since a short-seller’s critical report sparked a stock rout.

The group’s seven listed companies have lost some $135 billion in market value since January 24, when Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation—allegations the billionaire Gautam Adani-led group has denied but led it to call off a $2.5 billion share sale.

US-based, Australia-listed GQG has, through block deals, bought shares worth 154.46 billion rupees in four Adani group companies, including the conglomerate’s flagship firm Adani Enterprises, a regulatory filing showed.

It also bought shares in Adani Ports and Special Economic Zone, Adani Green Energy and Adani Transmission.