** Shares of Australia-listed GQG Partners GQG.AX rise as much as 16.4% to A$2.48
** Stock last up 10.8%, set for best session to date - if current gains hold
** U.S.-based investment manager says co will establish an on-market buyback
** Co will have flexibility to purchase up to A$100 mln ($65.11 mln) of CHESS Depositary Instruments on common stock
** Buyback plan comes a day after GQG's stock plunged 23% as Gautam Adani, head of Indian conglomerate Adani Group in which co holds nearly 20% stake, was indicted in the U.S. over bribery and fraud charges
** More than 11 mln shares change hands, 3.9 times the 30-day avg of about 2.9 mln shares
** GQG up 37.8% YTD, including current session's moves
($1 = 1.5359 Australian dollars)
(Reporting by Nikita Maria Jino in Bengaluru)
((Nikita.Jino@thomsonreuters.com;))
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