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Journalism of Courage
Index provider Morgan Stanley Capital International (MSCI) on Thursday said that it has dropped two of Adani group companies from its India Standard Index, as part of its quarterly index review. MSCI said Adani Total Gas and Adani Transmission are no longer eligible for inclusion in MSCI global investable market indexes, reported Reuters.
This comes a week after the index provider last week said that it lower the free float of two of the Adani group’s firms.
According to reports, MSCI said that if Adani Total Gas and Transmission get locked in the lower limit circuit for cumulative 5 minutes on May 31, the deletion of the two Adani firms will take place at zero; if not, it will use the official closing price of the two companies.
After the report, Adani group stocks dropped on Friday, as Adani Total Gas fell 4.33 per cent to close at Rs 818.35 on BSE. Adani Transmission plunged 3.49 per cent to Rs 885 on BSE.
In its May 2023 review, MSCI added 86 securities to its list, while it deleted 39 from its widely followed MSCI ACWI stock index. MSCI will add Max Healthcare, Hindustan Aeronautics and Sona BLW Precision to its India Standard Index, reports stated.
