By Scott Murdoch SYDNEY (Reuters) -Shares of Australian-listed GQG Partners tumbled 13% on Monday after UBS downgraded the stock and said the firm may have lost A$600 million ($390 million) in funds under management in the two days following the indictment of Adani Group executives.

Shares in GQG Partners climbed on the ASX after Morgans upgraded its rating on the fund manager from 'hold' to 'add' and played down the impact of its exposure to the troubled Adani Group.

The Adani bribery charges have sparked a “snap change” in client flows for the fund manager and research analysts are cutting their price targets.