US-based GQG Partners LLC has reportedly raised its stake in Adani Group companies as interest in the Adani Group stocks is picking up once again.

Shares of the Adani Group were hammered when US-based short seller Hindenburg published its malicious report against the Group. However, shares of the Indian billionaire Gautam Adani-led companies have been in the spotlight as the SC’s clean chit to the Group has revitalized investor sentiment.

Shares of the Adani Group listed entities have been surging since the clean chit as some reports suggest the stocks have grown 41% since SC’s clean chit, restoring over $22 billion in investor wealth. The rally has helped the Adani Group’s market cap recover to Rs 11 lakh crores as the stock of Adani Ports and Special Economic Zones (ASPEZ) has already recovered to pre-Hindenburg levels.

GQG Partners had acquired shares worth around $2 billion in 4 Adani Group companies in March when the shares were still reeling from the effects of Hindenburg’s report. Said investment, worth around Rs 15,446 crores, has grown 49% in less than 3 months to Rs 25,516 crores.

Rajiv Jain, the Chief Investment Officer of GQG Partners, has shown confidence in the Indian conglomerate as he has expressed the firm’s intention to be one of the largest investors in the Group while also stating their intent to participate in the Group’s new offerings.