Two Adani Group Firms Dropped From MSCI’s India Gauge
- Adani Transmission, Adani Total Gas to drop out of India index
- MSCI exclusion potentially deals another blow to the stocks
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Global index manager MSCI Inc. will exclude two Adani Group firms from its India gauge, potentially dealing a blow to their stocks that are trying to recover from the rout triggered by a short-seller report earlier this year.
Adani Transmission Ltd. and Adani Total Gas Ltd. will drop out of the India index effective at the close of trading on May 31, according to a statement issued by MSCI on Thursday as a part of its quarterly comprehensive index review. The exclusion follows changes in MSCI’s calculation on the amount of shares considered freely tradable in the public market for the two companies.