MSCI India Index Excludes Two Companies Of Adani Group, Shares Fall More Than 5 Percent
MSCI India Index excludes two companies of Adani Group, shares fall more than 5 percent.
Morgan Stanley Capital International (MSCI) India Index today announced the removal of Adani Total Gas and Adani Transmission from its index.
MSCI said that from May 31, both these companies of the group will be out of the MSCI India Index.
Shares fell more than 5 percent.
Since this news came to the fore, the shares of both the group companies have lost more than 5 percent in the morning trade. Shares of Adani Total Gas fell five percent to Rs 812.60 at the BSE.
At the same time, Adani Transmission shares fell 5 percent to its lowest trading limit for the day at Rs 871.15.
These three companies got a place in the index.
A total of three companies have dropped out of the MSCI India index. Apart from the two Adani Group companies, Indus Towers will also be pulled out of the MSCI India index from May 31.
After this news, Indus Towers shares fell 2.34 percent to Rs 147.90 on BSE. A total of three companies were dropped as well as three others were added to the MSCI India index.
These three companies are Hindustan Aeronautics, Max Healthcare Institute, and Sona BLW Precision.’
MSCI Global Standard Index is widely used by global fund houses for benchmarking global equity portfolios.
MSCI India Index excludes two companies of Adani Group: Adani Group will sell equity shares.
It was reported yesterday by Adani Group that two group companies Adani Enterprises and Adani Green Energy are preparing to raise USD 2-2.5 billion by selling their equity shares in the stock market.
The group had said in an exchange filing that the board members of the two group companies would hold a meeting in Ahmedabad on May 13 in this regard.
The loss was caused by Hindenburg’s report.
At the beginning of the year, on January 24, American short seller firm Hindenburg made serious allegations against Adani Group alleging fraud in the company’s shares, which was rejected by Adani Group with immediate effect.
