Why Adani Energy fell 10% despite expected MSCI inflows: GQG sold nearly 20 million shares

GQG Partners sold nearly 20 million Adani Energy shares, overwhelming demand and contributing to a 10% stock fall.

The sale was unexpected, as investors positioned for MSCI index reshuffle on August 31, expecting to sell shares to index-tracking funds.

GQG's stake in Adani Energy reduced to 3.46% as of August 31, from 4.14% at the end of June.

Shares were sold through open-market transactions between June 30 and August 31.