By Aaditya GovindRao

Dec 9 (Reuters) - Australia-listed shares of GQG Partners GQG.AX rose on Monday after it reported an increase in its funds under management $(FUM.UK)$ and gross flows for November, pacifying investor worries after losses linked to India's Adani Group.

The stock was up 5.1% at A$2.185 by 0046 GMT, while the benchmark index .AXJO was down 0.3%.

GQG reported gross flows of $4.2 billion, compared to $2.6 billion in the same period last year.

Its FUM rose to $159.5 billion as at Nov. 30, from $159.4 billion as at Oct. 31.

"Given recent events, we perceive heightened interest in our near-term flows," it said in a statement.

U.S.-based GQG is a major backer of Adani Group companies, whose founder Gautam Adani and some top executives were accused by U.S authorities of being part of a scheme to bribe Indian officials to secure power-supply deals, charges the group has called "baseless."

GQG shares fell over 11% last week after UBS downgraded the stock saying the firm may have lost A$600 million ($383.2 million) in FUM in the two days following the indictment.

Analysts at Ord Minnett said they viewed GQG's FUM update as positive.

"Overall, impact from Adani-related issues appears minimal in the context of their overall business," the analysts said.

Separately, GQG said it was ending plans for an up to A$100 million on-market buyback of its Australia-listed shares, citing uncertainty on the U.S. tax treatment of the proceeds.

($1 = 1.5657 Australian dollars)

(Reporting by Aaditya Govind Rao in Bengaluru; Editing by Varun H K)

((Aaditya.GovindRao@thomsonreuters.com;))