UBS also cut its target price on the firm from AU$3.30 to AU$2.30, and this marks the Swiss bank's first ever downgrade of the stock since its listing.

Shares in GQG Partners dived on the ASX after UBS downgraded its rating on the fund manager due to a slowdown in flow momentum.

Rajiv Jain’s GQG Partners Inc., one of the biggest investors in units of Adani Group, said it will buy back its own shares after they plunged on concern over the money manager’s exposure to the embattled Indian conglomerate.