Adani Group stocks tumbled up to 6% on Tuesday after GQG Partners, led by Rajiv Jain, reaffirmed its commitment to Adani investments despite a $265 million bribery scandal linked to Adani Green Energy employees in the US. GQG, which holds a $9.7 billion stake in Adani Group, said the scandal does not materially impact its investment thesis.The shares of Adani Green Energy fell the most, tumbling 6% to a day’s low of Rs 911.10, while Adani Energy Solutions and Adani Total Gas shares fell by 2% each.Additionally, shares of Adani Enterprises, Adani Ports, Adani Power and Adani Wilmar dipped between 1-2%.ACC Ltd shares however, jumped 1% to an intraday high of Rs 2,162.95."We believe this level of exposure is manageable, even given the volatility in Adani Group stocks," GQG Partners said in a memo, adding that the fundamentals of the companies the boutique investment firm is invested in remain sound."As we do with other holdings, our team continues to do research and reassess the situation but as of now we have not changed our view on the prospects for these investments. That may change as new information becomes available," Team Jain said in a note to clients.While noting that the charges by US federal prosecutors are specific to actions related solely to Adani Green Energy, it said the indictment is of the employees and not the company."The DOJ (Department of Justice) indictment and SEC (Securities and Exchange Commission) action are against individuals only. The allegations relate only to AGEL, not other Adani companies," GQG said.Also Read: 'Buy the Dip' in large-caps, FIIs unlikely to return soonThe firm also doesn't expect Sebi to take action on the issue given the thorough review of Adani Group following the Hindenburg allegations."Except for AGEL, we understand that the Adani companies do not need to raise more capital at this point. If they do need additional financing, this cloud will restrict their ability to access foreign capital. However, there are currently no signs of domestic banks, especially India’s government-owned banks, of shutting off credit to the Adani group. As the facts stand today, we believe these companies will keep operating even if individuals receive fines or sanctions," it said.Following the indictment, Adani stocks went into a freefall on Thursday but the selling pressure reduced in the next two trading sessions. The apple-to-airport conglomerate has lost about Rs 2.45 lakh crore in market capitalization terms in the last 3 trading sessions.GQG started investing in Adani stocks in the peak of the Hindenburg crisis in March 2023 when it picked up stakes in 5 of the group's companies - Adani Enterprises, Adani Ports, Adani Green Energy, Adani Energy Solutions, and Ambuja Cements - and subsequently added two more Adani stocks in its kitty - Adani Power and Adani Total Gas."While each of these companies is a part of the broader Adani conglomerate of companies and share ownership, these are independently listed businesses with separate management. Each has distinct clients and revenue drivers. Since initiating our positions, we have seen strong fundamental growth in these businesses, resulting in meaningful earnings growth," GQG said.Also Read: Citi upgrades RIL to 'Buy', sees 18.5% upsideAs of 21 November, GQG said its investments in Adani have earned positive returns in aggregate and that all the companies are well-positioned for the future on a fundamental level.In the meantime, French multinational TotalEnergies said it will not make any new financial contribution as part of its investments in Adani companies."Until such time when the accusations against the Adani group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani group of companies," the company said in a statement.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)