Bribery charges: Mutual fund holdings in 10 Adani group firms at Rs 43,455 crore

The indictment filed before the United States District Court, Eastern District of New York against Gautam Adani and others

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

Choose Stock Exchange: BSE LIVE NSE LIVE

26 Aug, 2025 12:21

Volume

Todays L/H

More

×

Indian mutual fund industry as of October 31, 2024 collectively held Rs 43,455 crore worth of shares in 10 listed companies of the Adani Group whose chairman Gautam Adani has been facing allegations of paying bribes to some government entities.

Adani Group's listed firms collectively suffered a Rs 2.2 lakh crore loss in market capitalisation on November 21, as their stocks plummeted up to 20 percent following charges by US prosecutors accusing Adani and other senior executives of participating in a scheme to pay over $250 million in bribes to state government officials for solar energy contracts.

The drop in value of MF holdings will be available on November 22.

Data available with the mutual fund research platform Value Research showed that Indian asset management companies (AMCs) were holding shares in 10 listed companies of the Adani Group, barring New Delhi Television Ltd (NDTV) .

Also read | Adani Group denies bribery charges as baseless, says will seek all possible legal recourse

Mutual funds had Rs 41,814 crore worth of investments in 10 Adani group companies in July, which increased to Rs 43,455 crore in October.

Active play

On an absolute basis, mutual funds had highest investments at Rs 12,102 crore in Adani Ports And Special Economic Zone. Active equity mutual funds held investments worth Rs 5,308 crore in Adani Ports, the rest was in passive funds such as index funds and exchange-traded funds (ETFs).

Passive mutual funds don’t take active allocation calls on stocks and invest as per the weightages of the underlying benchmarks.

Value Research data further shows that Ambuja Cements, which has seen a rise in mutual fund holdings since July 2024, had Rs 10,689 crore worth of investments made by mutual fund schemes, of which Rs 10,100 crore were by active equity funds.

Adani Enterprises also saw its mutual fund holding rise to Rs 8,714 crore at the end of October 2024 against Rs 7,291 crore in July 2024.

Mutual fund holdings in the group flagship Adani Enterprises rose to Rs 8,714 crore at the end of October from Rs 7,291 crore in July.

Out of Rs 43,455 crore investments in the Adani Group companies in October, Rs 32,487 was in active equity mutual funds.

Additionally, Rs 252 crore, Rs 94 crore and 17.8 crore worth of mutual fund holdings in Adani Green Energy, Adani Total Gas and Adani Wilmar, respectively, were made by passive funds.

Biggest fund holdings

In terms of specific mutual fund schemes, SBI Focused Equity Fund held shares worth Rs 1,059 crore, or 3.03 percent of its assets, in Adani Ports.

Also read | Adani Green Energy cancels $600-mn bond issue amid US bribery charges against Gautam Adani, others

HDFC Mid-Cap Opportunities Fund had investments worth Rs 1,041 crore, or 1.39 percent of its assets, in ACC as of October end.

Quant Mutual Fund's three schemes — Quant ELSS Tax Saver Fund, Quant Small Cap Fund, Quant Flexi Cap Fund — had the highest investments in Adani Power.

Quant Small Cap fund’s highest holding, at Rs 727.47 crore, was in Adani Enterprises.

Net exposure

When it comes to holdings as a percentage of a scheme’s net assets, Quant ELSS Tax Saver Fund had a 7.6 percent exposure in Adani Power, valued at Rs 835 crore.

Also read | GQG Partners stock falls 20% after US bribery charges against Gautam Adani; firm says will review holdings

Among the highest net exposures, Mirae Asset Nifty Metal ETF and ICICI Prudential Nifty Metal ETF's 10.58 percent assets each were invested in Adani Enterprises.

PGIM India Arbitrage Fund’s investment in Ambuja Cements accounted for 6.97 percent of its assets, and UTI Transportation and Logistics Fund had 5.02 percent of its assets in Ambuja Cements.