
SBI Mutual Fund has completed significant stake acquisitions in Adani Enterprises and Adani Energy Solutions through block deals on Friday. According to The Economic Times, GQG Partners Emerging Markets Equity Fund sold 1.64 crore shares (1.26% stake) in Adani Enterprises for ₹4,789.62 crore at ₹2,913.40 per share, while separately selling 63.65 lakh shares (0.53%) in Adani Energy Solutions for ₹957.93 crore at ₹1,504.80 per share. The combined transactions were valued at approximately ₹5,747.54 crore, with SBI Mutual Fund acquiring the entire stake at the same prices through corresponding block deals. This follows GQG Partners' earlier sale of 58.92 lakh shares (0.45% stake) worth nearly ₹1,435 crore on May 14, 2026 at ₹2,435.60 per share. As per The Economic Times, the latest transactions involved 16,439,984 shares representing nearly 1.3% stake in Adani Enterprises and 6,365,796 shares amounting to 0.52% stake in Adani Energy Solutions.
The Adani block deals reflect a broader trend in Indian equity markets where foreign institutional investors (FIIs) continue to pare exposure while domestic institutional investors (DIIs) step in to absorb supply. According to ET Now, this dynamic has been a key stabilising force in Indian markets, with steady inflows from retail investors, mutual funds and systematic investment plans (SIPs) helping absorb foreign selling pressure. Despite this domestic support, the benchmark Nifty 50 has fallen 7.4% over the past year and 11.4% so far in 2026, underscoring the pressure exerted by persistent foreign selling. The deals offer a snapshot of the market dynamic that has defined Indian equities in recent months, with SBI Mutual Fund's purchase of the entire stake sold by GQG Partners mirroring the larger trend of DII inflows helping counterbalance persistent FII outflows.
As reported by The Economic Times, the stake sale represents a portfolio rebalancing exercise following a strong recovery in Adani Group stocks over the past year. GQG Partners had emerged as one of the earliest large institutional investors to back the Adani Group following allegations made by US-based short seller Hindenburg Research in 2023. Beginning in 2023, the fund manager invested billions of dollars across multiple Adani companies, helping restore investor confidence when foreign institutional participation in the group had weakened. Since then, Adani companies have focused on deleveraging, strengthening cash flows and improving operational performance, with several group entities reporting healthy earnings growth. Market participants are likely to view the latest transactions primarily as a portfolio rebalancing move rather than a shift in GQG's broader investment view on the Adani Group.
According to The Economic Times, GQG Partners Emerging Markets Equity Fund held a 10.8% stake in Adani Enterprises and 1.91% stake in Adani Energy Solutions as of March 2026. Following the May transaction, GQG's holding in Adani Enterprises declined to 1.14%. As of March 2026, SBI Equity Hybrid Fund held a 3.67% stake in Adani Energy Solutions. The acquisitions appear to be part of a broader market strategy, with both stocks experiencing healthy rallies following the transactions. Adani Enterprises, the conglomerate's flagship incubator, has interests across airports, roads, green hydrogen, data centres, and mining services, while Adani Energy Solutions is among India's largest private transmission companies and has been expanding its footprint in smart metering and power distribution infrastructure.
According to The Economic Times, Adani Enterprises reported a consolidated net loss of ₹220.7 crore for the March quarter, compared with a profit of ₹3,844.9 crore in the same period last year. Despite the loss, the company's revenue rose 20.3% year-on-year to ₹32,439.3 crore from ₹26,965.9 crore a year ago. Adani Energy Solutions posted a 6% year-on-year increase in consolidated net profit at ₹684 crore for the fourth quarter, with revenue from operations growing 17% to ₹7,443 crore during the period. The above-average volumes in both stocks suggest strong investor interest following the block deals, with shares likely to remain in focus as investors assess the implications of the stake sale and changes in institutional ownership.