MSCI Adani rejig: Adani shares had to face heavy route after the Hindenburg Research report raising concern over the debt positioning of Gautam Adani-led companies. However, it seems that Adani group companies have to face another challenge after dropping of two Adani group companies — Adani total Gas and Adani Transmission from the Morgan Stanley Capital International (MSCI) index in May 2023. The MCI rejig weighed heavily on the Adani group of companies as Adani shares logged worst week after the late February 2023 as the Gautam Adani-led companies lost over $10 billion market capital in the week gone by.
Adani group’s market capitalisation nosedived around $10.1 billion to $107 billion in the week gone by, with Adani Total Gas and Adani Transmission — two stocks to be dropped by MSCI — headed for their worst weeks since late February. The MSCI exclusions will probably trigger around $390 million of selling by global passive funds later this month, said Brian Freitas, an independent equities analyst who publishes on Smartkarma.
(credit:- LiveMint )
