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Key Takeaways
The SBI Mutual Fund has invested in two firms of the Adani Group by purchasing shares worth ₹5,747 crore on June 6, 2026, via open market transactions.
SBI MF has acquired equity shareholding of 1.64 crore shares of Adani Enterprises, amounting to 1.27% ownership. Also, the mutual fund has purchased shares of 63.65 lakh representing 0.52% ownership of Adani Energy Solutions.
Adani Enterprises recorded revenues of ₹32,439 crore in the March quarter 2026, up 20.3% from ₹26,966 crore in the same period of last year.
Adani Enterprises has incurred a net loss of ₹167 crore during this period, against a net profit of ₹4,015 crore recorded in the same period of last year. This is a risk that SBI MF investors should look out for in an otherwise infrastructure-centric bet.
The SBI MF manages funds on behalf of crores of small investors in India. When such huge funds of ₹5,747 crore are deployed in two stocks, the latter automatically get included in the portfolio of retail investors. Both the stocks saw positive reactions on the day of the deal.
Adani Enterprises closed at a new high of the year after registering gains of 2.54%. The stock settled at ₹3,048.20 against a pre-market opening of ₹3,014.25. Adani Energy Solutions also made a fresh yearly high of ₹1,591.40 before ending with gains of 3.88%.
Here is the detail of the two deals as per the NSE block deal data:
1.27%
*T&C Apply
GQG Partners had invested heavily in the Adani Group since 2023, post the controversy triggered by the Hindenburg Research short-seller report. GQG Partners became the first major institutional investor backing the Adani Group at that time and invested huge amounts of money in the different subsidiaries of the group.
The current sale is largely being interpreted by market participants as a portfolio reshuffle and not necessarily a revision in its overall stance towards Adani Group.
Adani firms had focused on reducing debts, following GQG’s entry, and improving their finances and operational efficiency. The earnings growth had also been strong for several group entities, and there were robust executions in its infrastructure, energy, and transportation sectors.
In view of that, the current deal by GQG can be seen as a pure profit-taking strategy after enjoying a handsome return. The fact that SBI MF bought the whole lot at market price, too, without any discount further proves that assumption.
SBI MF has made back-to-back investments in May & June 2026 worth over ₹7,182 crore in Adani Enterprises alone. It is a big domestic institutional bet. The retail investors holding SBI MF schemes have got additional exposure to the group that deserves watching in light of its latest net loss in its leading entity.
1. Did SBI Mutual Fund also buy shares of Adani Power in its latest ₹5,747 crore deal?
No. SBI Mutual Fund's June 6, 2026 purchase was limited to Adani Enterprises and Adani Energy Solutions. The block deals did not include Adani Power.
2. Why did GQG Partners back Adani Group when many investors were staying away?
GQG Partners invested in Adani companies after the Hindenburg report because it believed the group's businesses and assets remained strong. The firm saw long-term value in Adani's infrastructure, energy, and transport businesses despite the controversy.
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