Adani stocks: The fresh adjustments would take place on May 31, 2023. Adani stocks: The fresh adjustments would take place on May 31, 2023. Adani stocks: The fresh adjustments would take place on May 31, 2023. Two Adani Group stocks, namely Adani Transmission and Adani Total Gas, would exit from MSCI Global Standard Index, the New York-based finance company has announced as a part of its quarterly comprehensive review. The fresh adjustments would take place on May 31, 2023.
Last week, MSCI confirmed that it would lower the free float of two Adani companies. On Thursday, it said these two firms would no longer be eligible for inclusion in MSCI global market indexes.
The free float represents the proportion of outstanding shares available for purchase in public equity markets by international investors.
Brokerage Nuvama had expected $122 million in outflow for Adani Transmission and $84 million in outflow in the case of Adani Total Gas.
Also, Indus Towers would also be kept out from MSCI's global index; while Max Healthcare, Hindustan Aeronautics and Sona BLW Precision would be added.
"MSCI has announced the addition of Max Healthcare, Hindustan Aeronautics and Sona BLW Precision to its India Standard index. On the other hand, Adani Transmission, Adani Total Gas and Indus Towers have been kept out," Om Mehra, Equity Research Analyst at Choice Broking.
The two select Adani companies' stocks took a beating in Friday's trading session. Shares of Adani Total Gas were locked in their lower price band of 5 per cent, at Rs 812.60. Adani Transmission also fell 5 per cent to a 52-week low of Rs 871.15, before recovering a bit. The stock was last seen trading at Rs 881, down 3.84 per cent.
In a separate development, other Adani stocks such as Adani Enterprises, Adani Green Energy, Adani Ports & SEZ and Adani Wilmar would be in focus today as the Supreme Court is scheduled to hear the pleas on the Adani-Hindenburg row. The hearing comes almost two months after market regulator Sebi initiated a probe into the allegations of "stock manipulation and accounting fraud" at Adani Group companies.
Shares of 10 Adani Group firms have recovered from their respective February lows, but are still down up to 49 per cent from this year's January 24 level, when the US-based short seller, Hindenburg Research, made severe allegations against Adani Group. The report led to over $140 billion in value erosion in the listed Adani companies earlier this year. Adani, however, denied all the claims.
Meanwhile, Indian equity benchmarks traded lower in early trade, dragged by metals, energy and pharma stocks.