Quant Mutual Fund’s Big Adani Bet Turns Sour on Bribery Charges

Bullish wagers by one of Adani Enterprises Ltd.’s biggest backers are looking vulnerable, following its shares’ tumble caused by the US indictment of its chairman.

Quant Mutual Fund, an Indian asset management firm that bought nearly half of $500 million worth of Adani Enterprises’ shares sold in a placement in October, is suffering from a loss of as much as 27% of that investment amid Thursday’s drop.