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Global Index MSCI has postponed the index weighting review of Adani Transmission and Adani Total Gas, two companies of Adani Group. This review will now be released along with the review to be held in May. MSCI has cited the potential replicability issues of the shares of these two companies as the reason behind the delay in this review.
The shares of Adani Transmission have been in lower circuit continuously for the last five days. On the other hand, Adani Total Gas is trading in continuous decline since January 23. It has engaged two lower circuits of 20-20 percent.
For other Adani group companies, MSCI has also cited potential issues and ongoing uncertainty relating to key input data. MSCI has said it will also apply specific measures to all Adani Group companies that are part of its equity indices starting from the current review. However, there will be no change in any of the Adani Group stocks in the Non-Market Capitalization Weighting Index and Custom Index.
The report was to be released this week
MSCI Inc. was about to release the index review of these two companies of Adani Group this week. It said last week that it would review the eligibility of some Adani securities in its widely followed benchmark index. After the review comes, the weightage of group companies like Adani Enterprises, Adani Total Gas, Adani Transmission and ACC will decrease. This review was to start from 16th and end on 28th February, 2023.
Adani Group’s stock continues to fall
There has been a huge decline in the stock of Adani Group companies after 24 January. It was alleged in the Hindenburg report that the stocks held by the Adani group were of high value compared to other shares and that the group had huge debt. Since the arrival of this report, the stocks of the group have been continuously falling.
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