Index provider MSCI announced Thursday that Adani Transmission, Adani Total Gas and Indus Towers have been removed from the MSCI India Index. These changes will come into effect May 31, 2023 onwards. On the other hand, as a result of the rejig, Max Healthcare, Hindustan Aeronautics and Sona BLW Precision have been added to MSCI’s India Standard Index.

The rejig is a setback for the Adani group companies, who are trying to demonstrate strength after the Hindenburg Research report that alleged the conglomerate of stock market manipulation and fraud. Additionally, this move comes as flagship holding firm, Adani Enterprises announced a plan to raise funds via a stake sale on Wednesday.

In February, MSCI had cut the free-float designations of four Adani group stocks. The index provider said in a statement it has reduced the free floats of Adani Enterprises, Adani Total Gas, Adani Transmission and ACC. The four companies, for which the free float designation change was announced, had a combined 0.4% weighting in the MSCI Emerging Markets Index as of January 30. The changes went into effect on March 1, 2023.

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