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.

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.

American investment firm GQG Partners decided not to sell shares of Adani Group companies, stating that the exposure was manageable even during stock market volatility. The firm does not feel the US securities regulator’s claims will have any material impact on the group.