Index provider MSCI seeks feedback on Adani Group over Hindenburg report
The Hindu
Currently, there are eight Adani group & associates companies which are part of MSCI Standard Index
Index provider MSCI on Saturday said it has sought feedback on Adani group securities after a report by U.S.-based investment research firm Hindenburg alleged stock manipulation and accounting fraud by the conglomerate.
The index provider said it is aware of the reports recently published regarding the Adani group and associated securities.
"MSCI is closely monitoring publicly available information regarding the situation and the factors that may impact the eligibility of those relevant securities for the MSCI Global Investable Market Indexes," it said in a statement.
The index provider said it welcomes timely feedback from market participants on these issues.
At present, there are eight Adani group & associates companies which are part of MSCI Standard Index.
Market experts believe any adverse feedback may lead to a reduction in weightage or even exclusion of Adani stocks from the MSCI index.
This might further increase the selling pressure faced by Adani group stocks, which took a beating for the past two trading sessions and lost more than ₹4.17 lakh crore in the combined market valuation of listed firms.