Adani Energy Solutions Limited saw the largest September-quarter reduction by GQG Partners, whose stake fell to 1.71% from 4.14% in June, while overall foreign portfolio investor holdings in the company also declined even as mutual funds raised their holdings.

Jefferies India retained Adani Energy Solutions as one of its three top power picks, estimating only a 2-4% FY28E-30E EPS impact from a 100 bps rate rise because more than 65% of its loans are fixed-rate, and seeing 9-10% EBITDA upside from higher merchant tariffs.