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 in GQG Partners climbed on the ASX after Morgans upgraded its rating on the fund manager from 'hold' to 'add' and played down the impact of its exposure to the troubled Adani Group.

GQG Partners , which has a near 20% stake in India's Adani Group, saw its Australia-listed shares plunge 23% on Thursday after Gautam Adani, the conglomerate's chair, was indicted in the U.S. over charges of bribery and fraud.

Rajiv Jain’s GQG Partners Inc., one of the biggest investors in units of Adani Group, said it will buy back its own shares after they plunged on concern over the money manager’s exposure to the embattled Indian conglomerate.

GQG Partners experiences a 13% drop in stock value post-analyst downgrade, highlighting risks in investing in conglomerates like Adani Group.

By Scott Murdoch SYDNEY (Reuters) -Shares of Australian-listed GQG Partners tumbled 13% on Monday after UBS downgraded the stock and said the firm may have lost A$600 million ($390 million) in funds under management in the two days following the indictment of Adani Group executives.