- By Aditya Pratap Singh
- Thu, 07 Nov 2024 12:09 PM (IST)
- Source:JND
Adani Energy Solution Share Price: The shares of Adani Energy Solutions fell by 9 per cent to trade at a level of Rs 975 per share on the BSE in Thursday's intraday trade as it failed to make it to the MSCI India Index. Recently, The Adani Group firm's stock soared up to 11 per cent in the last two days in the hope that it might be included in the MSCI India Standard Index. MSCI's November rebalancing was announced earlier today.
Bombay Stock Exchange Ltd (BSE), Voltas, Oberoi Realty, Alkem Laboratories, and Kalyan Jewellers were included in the MSCI Global Standard Index in the latest review of index providers. The changes in the constituents will come into effect by November 25, 2024. MSCI cited concerns over its free float as the reason for not including Adani Energy Solutions.
Why MSCI did not include Adani Energy Solution?
In its statement, MSCI said that, according to publicly available disclosures, Adani Energy Solutions has been issued a show cause notice by the Securities Exchange Board of India (SEBI) for the potential misclassification of shareholding of certain entities. This happened after Hindenberg Research levelled several allegations against the Adani Group.
As a result, given the uncertainty regarding its free float, MSCI will not apply any increase in the number of shares (NOS), foreign inclusion factor (FIF) and domestic inclusion factor (DIF) for Adani Energy Solutions as part of the November 2024 index review and until otherwise announced. MSCI further said that it will continue to monitor the Adani Group and related securities, including those related to free float, and will issue further communications if necessary.
Stock Market Today
The key stock indices Sensex and Nifty dropped on Thursday in early trade following two days of gains, as investors stayed on the sidelines ahead of the US Federal Reserve's rate hike announcement. Market analysts said sustained foreign fund outflow and mixed global cues added to the downbeat market mood. At around 10:33 am, the Sensex was trading 924 points lower at 79,470 in the early trade. The Nifty was trading at 24,198, down 280 points.
