Key Points
Money managers in India have continued to trim holdings of Adani Groups stocks, suggesting concerns about governance remain even as the worst of the rout seems to have passed...
Investments by local equity mutual funds in the group accounted for only 0.9 per cent of the industrys $182 billion in assets at the end of March, according to data compiled by Bloomberg..
Local managers continued caution is at odds with the optimism shown by GQG Partners star investor Rajiv Jain, who spent nearly $2 billion to scoop up stakes in four Adani stocks in early March..
A historical analysis by Bloomberg Intelligence in 2021 showed that local fund managers have had smaller holdings in companies that reported governance issues than overseas and individual investors..
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