This fund scored a big win with its bet on Adani. Now, it could be pressing pause

One of the biggest investors in India's Adani Enterprises says he may be done doubling down on his investment.

Rajiv Jain, the chairman and chief investment officer of GQG Partners, told CNBC Thursday that his profits on Adani stands at about $4 billion, and he is likely done investing further.

"We are pretty full. So I don't know [if] we'll double down further," Jain said on "Street Signs Asia."

"We doubled down on Adani in May and June and ... maybe tripled down in August. I don't know whether we'll go further from here."

Adani Enterprises, owned by one of India's richest men Gautam Adani, is one of the country's top three conglomerates. It has business spanning from ports, airports, renewables, cement among other things.

In late January 2023, a short-seller report by New York's Hindenburg Research accused the company of manipulating share prices and alleged that it had very high levels of debt. The company has rejected these allegations.

The group has 10 listed entities on the Indian stock market.

In the first quarter of 2023, Adani shares fell more than 54% and wiped out over $100 billion in value as a result of the report. That's also when GQG Partners started investing in the conglomerate.

The U.S. boutique investment firm was the fifth largest stakeholder of Adani Enterprises as of November, according to LSEG data.

LSEG data also showed GQG made substantial investments in Adani during the second and third quarters of last year, but slowed its pace by the fourth.

By the end of 2023, Adani Enterprise shares had recovered from the massive fallout and ended the year with smaller declines of 26%.

It has risen about 2.3% in January so far, after a recent court ruling in early January.

The Supreme Court of India said at that time