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Glenmark, Jain Irrigation, Thermax Fall After MSCI Index Removal

Feb. 28 (Bloomberg) -- Glenmark Pharmaceuticals Ltd., Jain Irrigation Systems Ltd., and Thermax Ltd. fell after the stocks ceased to be part of the MSCI India Index today.

“Funds tracking this MSCI index would have sold the stocks today,” Chirag Dagli, vice president of research at ICICI Securities Ltd. in Mumbai, said in a phone interview.

Glenmark fell 9.9 percent to 251.3 rupees at the 3:30 p.m. close in Mumbai, the steepest decline since Aug. 19 2009. Jain Irrigation declined 7.3 percent to 182.95 rupees. Thermax, a power equipment maker, retreated 7.3 percent to 556.15 rupees. The Bombay Stock Exchange’s Sensitive index rose 0.7 percent.

To contact the reporter on this story: Adi Narayan in Mumbai at

To contact the editor responsible for this story: Jason Gale at

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