GQG Partners Sells ₹24,400 Crore of Indian Stocks in 2026

GQG Partners, the US-based investment firm founded by Rajiv Jain, has reduced its holdings in Indian companies by approximately ₹24,400 crore since the beginning of 2026. The selling includes a major ₹9,395 crore block deal in ITC shares and substantial reductions in investments across Adani Group companies. The transactions come as Indian equities face market volatility and several stocks in GQG’s portfolio experience significant price declines. According to data from Prime Database and the BSE cited by The Economic Times, the firm has been reshaping its Indian portfolio while continuing to manage assets worth more than $156 billion globally.

The scale of the sales has attracted attention because GQG became prominent in India after investing in Adani Group companies during the market sell-off that followed allegations by US short-seller Hindenburg Research in 2023. Its latest transactions indicate a reduction in exposure to several Indian businesses, although the firm has also added investments in companies such as JSW Energy and JSW Steel. The selling does not necessarily mean that GQG has abandoned the Indian market: its transactions reflect portfolio changes across individual companies, and the available data do not establish its overall future investment strategy.

GQG Partners Sells ₹24,400 Crore in Indian Stocks

GQG Partners has reduced holdings worth approximately ₹24,400 crore across Indian companies in 2026. The latest major transaction involved ITC, where a GQG-linked fund sold shares worth approximately ₹9,395 crore through a block deal on October 8.

Before the ITC transaction, GQG had sold around ₹15,000 crore worth of holdings across several companies since the beginning of the year. Its reductions included Adani Group companies, GMR Airports and other businesses. The firm also no longer appeared among the disclosed shareholders holding at least 1% in Lodha Developers and ITC Hotels by the June 2026 quarter, although that does not establish whether all GQG-linked funds had completely exited those companies.

Key development	Reported value
Total Indian stock holdings reduced in 2026	Approximately ₹24,400 crore
ITC block deal	Approximately ₹9,395 crore
Reduction in Adani Group holdings	Approximately ₹13,200 crore
Adani Enterprises holding reduction	Approximately ₹6,375 crore
Adani Green Energy holding reduction	Approximately ₹2,382 crore
Adani Power holding reduction	Approximately ₹1,910 crore
New investments added in the June quarter	JSW Energy and JSW Steel

Source: The Economic Times, citing Prime Database and BSE data. Figures represent reported reductions in holdings, not necessarily realized investment losses.

The figures show that the selling is concentrated in several prominent investments rather than representing a uniform reduction across every Indian company in GQG’s portfolio.

ITC Block Deal: ₹9,395 Crore in Shares Sold

The ITC transaction was one of the largest individual sales reported in GQG’s Indian portfolio this year. On October 8, GQG Partners Emerging Markets Equity Fund sold approximately 36.51 crore ITC shares at ₹257.35 per share, representing around 2.91% of the company’s total equity and a transaction value of ₹9,395 crore.

ITC shares fell following the transaction and ended Thursday’s session down approximately 4%. The stock had already declined nearly 30% during 2026, underperforming the Nifty 50, which had fallen approximately 15% over the same period.

Several factors have weighed on investor sentiment toward ITC, including concerns about cigarette taxation, weak volume recovery in its cigarettes business and subdued sentiment toward some consumer-goods stocks.

However, the sale should not automatically be interpreted as a complete exit by every GQG-linked investment vehicle. As of June 2026, GQG-related funds held different stakes in ITC, including a position reported at 2.06% through the Goldman Sachs Trust II–Goldman Sachs GQG Partners International Opportunities Fund. The October block deal involved the Emerging Markets Equity Fund. The distinction matters when assessing the investment firm’s total exposure.

Who bought the ITC shares?

The block deal also attracted substantial institutional demand. Fidelity Advisor Overseas Fund was the largest reported buyer, acquiring approximately 13.4 crore shares worth ₹3,448 crore. ICICI Prudential Mutual Fund bought around 9.4 crore shares valued at approximately ₹2,419 crore, while SBI Mutual Fund purchased shares worth about ₹968 crore. Nippon India Mutual Fund and other institutional investors also participated.

The transaction therefore involved a change in ownership rather than shares simply disappearing from the market. Some investors reduced exposure, while others bought into ITC at the prevailing price.

GQG Cuts Adani Group Exposure by ₹13,200 Crore

Adani Group companies account for a substantial portion of GQG’s reported selling activity in 2026. The firm reduced its holdings in Adani Group stocks by approximately ₹13,200 crore, with Adani Enterprises accounting for the largest reduction.

Adani Group company	Reported reduction in holding value
Adani Enterprises	Approximately ₹6,375 crore
Adani Green Energy	Approximately ₹2,382 crore
Adani Power	Approximately ₹1,910 crore
Adani Ports and SEZ	Approximately ₹1,344 crore
Adani Energy Solutions	Approximately ₹1,226 crore
Total	Approximately ₹13,200 crore

Source: The Economic Times, citing Prime Database and BSE data. Figures are approximate.

The reductions are notable because GQG attracted attention in 2023 for investing in Adani Group companies during a period of intense market pressure. The firm’s purchases helped establish it as a major institutional investor in the group.

Its subsequent sales do not, by themselves, establish that GQG has turned negative on every Adani company or that the transactions were driven by a single concern. Portfolio managers can reduce exposure for several reasons, including valuation, risk management, fund flows, changes in investment priorities or the need to rebalance holdings.

The available transaction data show the scale of the reductions but do not disclose the full rationale behind each trade.

GQG Adds JSW Energy and JSW Steel

While reducing holdings in ITC and Adani Group companies, GQG also added JSW Energy and JSW Steel to its portfolio during the June quarter.

The reported value of its holdings in JSW Energy was approximately ₹1,941 crore, while its investment in JSW Steel was valued at around ₹3,054 crore.

These additions indicate that the firm’s portfolio adjustments have not been limited to selling Indian stocks. Instead, the reported transactions show a combination of reductions in some businesses and investments in others.

JSW Energy operates in the power sector, while JSW Steel is a major steel producer. Their business prospects are influenced by different factors, including electricity demand, energy prices, infrastructure spending, steel demand, raw-material costs and capital expenditure.

It would be premature to conclude that GQG’s purchases represent a definitive sector-wide shift. The reported holdings provide a snapshot of its investments at a particular point in time, not a complete explanation of its long-term strategy.

What the Selling Means for Indian Markets

Large institutional transactions can influence short-term share prices because they involve substantial quantities of stock. Block deals allow buyers and sellers to transact large positions, often at an agreed price, without executing the entire quantity through ordinary market orders.

However, an institutional investor’s sale does not automatically mean that a stock is fundamentally weak. The impact depends on the company’s earnings outlook, valuation, liquidity, other investors’ demand and the reasons behind the transaction.

The ITC block deal illustrates this distinction. While GQG-linked shares were sold, domestic mutual funds and international investors purchased substantial quantities. Such transactions can redistribute ownership among institutional investors without necessarily changing the underlying business immediately.

The broader context is also important. Indian equities have faced pressure in 2026, with the Nifty 50 down approximately 15% by October 8. GQG’s selling has occurred during this weaker market environment, but its individual portfolio decisions should not be treated as a complete measure of foreign investor sentiment toward India.

Investors assessing the transactions should distinguish between a change in share ownership and a change in business fundamentals. ITC’s cigarette taxation exposure, FMCG demand and profit growth are separate considerations from the identity of its shareholders. Similarly, each Adani Group company has its own financial position, operations and risk profile.

The Bigger Picture

GQG Partners’ approximately ₹24,400 crore reduction in Indian holdings highlights a major shift in its disclosed portfolio during 2026. The ITC block deal and the reductions across Adani Group companies account for significant portions of the reported selling, while new investments in JSW Energy and JSW Steel show that the firm has continued to allocate capital to other Indian businesses.

The transactions do not establish a blanket withdrawal from India or provide definitive evidence about the future performance of the stocks involved. They show that one large investment manager has changed its exposure to several companies during a period of market weakness. Understanding the reasons behind those decisions requires more information than transaction values alone can provide.

Looking Ahead

Investors will watch subsequent shareholding disclosures to determine whether GQG-linked funds further reduce their stakes in ITC and Adani Group companies or rebuild positions at different prices. Changes in institutional ownership can affect market sentiment, but future movements will also depend on earnings, valuations, taxation, sector demand and broader economic conditions.

For retail investors, the key lesson is not to copy a large fund manager’s transactions without examining the underlying companies. A substantial sale can reflect portfolio management decisions as well as concerns about a business. Company fundamentals, valuation and investment objectives remain essential when evaluating whether a stock fits an individual portfolio.