Adani Group bribery allegations: What it means for mutual funds

Adani Group shares fell off the cliff across the board after US prosecutors accused the conglomerate of paying over $250 million in bribes to Indian officials for solar power contracts worth an estimated $2 billion in the next couple of decades. Given the gravity of the charges and the subsequent stock market reaction, it is understandable for equity mutual funds with significant stakes in Adani group stocks to have been impacted as well. As per October 2024 disclosures, of the 164 actively managed equity mutual funds with exposure to the Ahmedabad-headquartered company, 18 have over 5 per cent exposure to them. Here is the list: 18 active equity funds with over 5 per cent Adani Group exposure Fund name Category % of net assets AUM (Rs crore) Tata Quant Fund Sectoral / Thematic 13.6 68 Quant Quantamental Fund Sectoral / Thematic 10.5 2,428 Quant ELSS Tax Saver Fund ELSS 10.3 10,980 Quant Flexi Cap Fund Flexi Cap 9.9 7,514 Quant Infrastructure Fund Sectoral / Thematic 9.6 3,599 Tata Resources & Energy Fund Sectoral / Thematic 9.6 1,042 Tata Infrastructure Fund Sectoral / Thematic 9.4 2,451 ICICI Prudential Commodities Fund Sectoral / Thematic 8.7