GQG Partners-managed entities have marginally reduced their combined stake in Adani Power Ltd, selling more than 50 lakh shares through on-market transactions. The latest disclosure shows their combined shareholding falling from 5.74% to 5.72%, even as Adani Power shares have outperformed the broader Indian equity market during 2026. The transaction was disclosed through a regulatory filing with the stock exchanges on October 9, 2026. Source: The Economic Times.
The reduction comes amid a broader portfolio reshuffle by the US-based investment firm, which has also reduced exposure to several other Indian companies this year. GQG’s latest Adani Power transaction does not, by itself, establish a change in its long-term outlook for the company. Meanwhile, Adani Power continues to pursue expansion opportunities, including a proposed 770-megawatt hydropower project in Bhutan. These developments put the share sale in the context of both investor portfolio management and the company’s longer-term growth plans. Source: Livemint.
GQG Partners Sells 50.39 Lakh Adani Power Shares
According to Adani Power’s exchange disclosure, entities managed by GQG Partners LLC sold 5,039,326 shares through multiple on-market transactions. Their combined holding declined from 1,107,475,959 shares to 1,102,436,633 shares.
The transaction reduced the reported stake by 0.02 percentage points, from 5.74% to 5.72%.
| Shareholding detail | Before sale | After sale |
|---|---|---|
| Shares held by GQG-managed entities and persons acting in concert | 110.75 crore | 110.24 crore |
| Combined shareholding | 5.74% | 5.72% |
| Shares sold | — | 50.39 lakh |
| Change in reported stake | — | -0.02 percentage points |
Source: Adani Power regulatory disclosure, reported by The Economic Times on October 9, 2026.
GQG Partners LLC acts as the investment manager for the entities covered by the disclosure and made the investment decision on their behalf. The filing also stated that the shares were sold through on-market transactions.
The sale was disclosed under the regulatory framework governing substantial shareholding changes. Such disclosures help investors track movements in significant shareholdings and understand how major investors are adjusting their exposure to listed companies.
Importantly, the reduction was relatively small in percentage terms. The entities continued to hold more than 5% of Adani Power following the transactions.
Adani Power Shares End Higher Despite the Stake Sale
Adani Power shares finished Friday’s trading session in positive territory despite the disclosure of GQG’s sale.
According to The Economic Times, the stock settled at ₹189 per share on the BSE, up 0.53% from its previous close of ₹188. It traded between ₹187.30 and ₹191.40 during the session.
Livemint reported that Adani Power closed at ₹188.60 on the NSE, compared with the previous close of ₹188. The difference reflects the closing prices on the two separate exchanges.
| Market indicator | Reported figure |
|---|---|
| BSE closing price on October 9 | ₹189 |
| BSE previous close | ₹188 |
| BSE daily change | +0.53% |
| BSE intraday range | ₹187.30–₹191.40 |
| BSE market capitalisation | Approximately ₹3.64 lakh crore |
| Year-to-date share-price gain | 27.05% |
Source: The Economic Times; market data reported for October 9, 2026.
The stock’s reported year-to-date gain of 27.05% compared favourably with the Nifty 50, which had declined by nearly 14% over the same period, according to the report.
However, a positive trading session does not necessarily indicate that the market has dismissed the significance of GQG’s transaction. Share prices respond to multiple factors, including earnings expectations, electricity demand, fuel costs, capital expenditure, broader market conditions and investor positioning.
GQG Partners Has Been Reducing Exposure to Indian Stocks
The Adani Power transaction comes amid a wider reduction in GQG Partners’ holdings across Indian equities.
A separate Economic Times report published on October 9 said the investment firm had reduced investments worth approximately ₹24,400 crore across several Indian companies since the beginning of 2026. Its portfolio changes included a large sale of ITC shares and reductions in several Adani Group holdings. The report also said GQG had increased investments in JSW Energy and JSW Steel during the June quarter. Source: The Economic Times.
Within the Adani Group, the firm’s exposure has reportedly declined across several companies, including Adani Enterprises, Adani Green Energy, Adani Power, Adani Ports and Adani Energy Solutions.
This wider pattern is important when interpreting the latest Adani Power sale. A reduction in one company’s holding may reflect a portfolio-wide decision, profit booking, risk management, changing valuations or a reallocation of capital. The available disclosure does not establish which specific factor drove the latest transaction.
Investors should therefore avoid interpreting a marginal stake reduction as conclusive evidence that GQG has lost confidence in Adani Power. The transaction is a factual change in shareholding; the investment rationale has not been fully established by the disclosure.
Adani Power Expands Into Bhutanese Hydropower
While GQG reduced its stake, Adani Power has continued to pursue growth opportunities in electricity generation.
On October 6, 2026, the company announced a shareholders’ agreement with Druk Green Power Corporation Ltd (DGPC), Bhutan’s state-owned power generation utility, for the development of the 770 MW Chamkharchhu-I Hydroelectric Project.
The project is planned on the Chamkarchhu River in Bhutan’s Zhemgang district. It is structured as a 49:51 equity partnership between Adani Power and DGPC under a build-own-operate-transfer model, with a concession period of 30 years from the start of commercial operations.
Construction is expected to begin in the first half of 2027, with commissioning targeted six years after groundbreaking, according to the company’s announcement.
The proposed project is intended to increase Bhutan’s clean electricity generation capacity and support regional energy cooperation. It is also expected to help meet Bhutan’s peak winter electricity requirements while allowing surplus power to be exported to India during the summer.
For Adani Power, the project represents a potential expansion beyond its existing thermal power business. Hydropower can provide opportunities for diversification, although project execution, construction costs, financing, environmental considerations and regulatory approvals will influence the eventual returns.
The agreement should not be confused with an immediate increase in operating capacity or earnings. The project remains at the development stage, and its contribution will depend on construction progress and the eventual commencement of commercial operations.
What Should Investors Watch Next?
The key question for investors is whether GQG’s sale remains a small adjustment or forms part of a more substantial change in its Adani Power exposure. Future regulatory disclosures and quarterly shareholding patterns may help clarify the direction of its investment.
Investors should also track Adani Power’s operating performance, power demand, capacity expansion, financing requirements and execution of new projects. The Bhutan hydropower agreement adds a potential long-term growth avenue, but the financial implications will become clearer as the project advances.
A large institutional investor’s decisions can influence market sentiment, but they should not be used as a standalone signal to buy or sell a stock. Investors need to evaluate valuation, earnings prospects, debt, cash flow and business risks alongside shareholding changes.
The Bigger Picture
GQG Partners’ latest transaction illustrates how institutional investors can make incremental adjustments to large holdings even when a company’s shares are performing strongly. Its stake in Adani Power declined only slightly, while the broader reduction in its Indian equity exposure suggests that portfolio reallocation may be relevant context. The available information does not confirm the precise motivation behind the sale.
For Adani Power, the central investment story remains its ability to generate earnings, manage capital expenditure and expand capacity profitably. Its proposed Bhutan hydropower project could support diversification over time, but it will require years of development before its full commercial impact can be assessed.
Looking Ahead
Market participants will monitor subsequent shareholding disclosures to determine whether GQG Partners continues to reduce its Adani Power exposure. The stock’s relative performance, company announcements and quarterly financial results will also help investors assess whether its valuation is supported by operating fundamentals rather than market sentiment alone.
The immediate takeaway is that GQG-managed entities sold 50.39 lakh shares and reduced their combined stake from 5.74% to 5.72%, while Adani Power shares ended October 9 higher. The sale is a notable disclosure, but it does not independently establish a negative investment view. Investors should consider it alongside the company’s financial performance, future projects and broader portfolio movements by the investment firm.
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