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Adani Stocks: New news has come to light for Adani Group companies. Index provider MSCI said that it is reducing the weightage of ‘free float’ of some stocks of Adani Group companies. According to MSCI (Morgan Stanley Capital International), ‘free float’ means how many shares are available for purchase by global investors in the market in proportion to the shares available with all the participants in the market.
What MSCI has said
According to a Reuters report, index provider MSCI said in a statement that it has received feedback from several market participants regarding the eligibility and ‘free float’ determination of specific securities belonging to the Adani Group for the ‘MSCI Global Investable Market Index’. According to the statement, “MSCI has decided that there is sufficient uncertainty at the level of some investors that they should no longer be designated as ‘free float’ according to our criteria. Float’ designation has been reduced due to which the weightage of these 4 companies has reduced.
Adani Enterprises’ weightage reduced by 0.5 per cent – report
On the other hand, according to a Bloomberg report, information has come from Nuvama that the weightage of Adani Enterprises, the flagship company of Adani Group, has been reduced by 30 basis points or 0.5 percent. Apart from this, the weightage of Adani Total Gas, Adani Transmission, ACC Limited has also been reduced.
Some shares of Adani group have fallen yesterday
At present, there are eight Adani Group and its associated companies, which are part of MSCI Standard Index index provider. Shares of Adani Group companies declined on Thursday after rising for two consecutive days. Shares of the group’s flagship company Adani Enterprises fell nearly 11 per cent after the news of MSCI’s review. Yesterday, shares of nine out of 10 companies of Adani Group closed at a loss.
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