UBS also cut its target price on the firm from AU$3.30 to AU$2.30, and this marks the Swiss bank's first ever downgrade of the stock since its listing.

Shares of Australian-listed GQG Partners fell 13% on Monday after UBS analysts downgraded the stock and estimated the firm could have lost A$600 million ($390 million) in funds under management following the Adani Group indictment.

GQG Partners shares drop after UBS downgrade due to Adani Group ties, while Adani Green Energy faces uncertain future.

India's Adani Green Energy rose about 8% on Monday and recouped all stock losses related to U.S. indictment of group's billionaire founder Gautam Adani over an alleged $265 million bribery scheme.

Adani Ports rose 2 per cent, Ambuja Cements gained 1.33 per cent, ACC climbed 1 per cent, and Sanghi Industries advanced 1 per cent

NEW DELHI (Reuters) -Adani Group founder Gautam Adani responded for the first time on Saturday to allegations by U.S. authorities that he was part of a $265 million bribery scheme, saying that his ports-to-power conglomerate was committed to world class regulatory compliance.