Adani Group back in red as MSCI reviews its status

MSCI (Morgan Stanley Capital International) would be announcing its review on whether they should designated as free float.

Adani Group back in red as MSCI reviews its status

Thursday February 09, 2023,

1 min Read

Adani Enterprise is back in red, ending a two-day respite. This comes shortly after MSCI (Morgan Stanley Capital International) said that the characteristics of certain investors in Adani Group securities have sufficient uncertainty and that they should no longer be designated as a free float. Following this, the firm said it will be reviewing this status and the changes will be announced on February 9th 2023, today.

"MSCI has received feedback from a range of market participants concerning the eligibility and free float determination of specific securities associated with the Adani Group for the MSCI Global Investable Market Indexes (GIMI)," it said in an announcement.

After gaining on Wednesday's trade, Adani Enterprises fell 15%, while Adani Ports fell by 7%, Adani Power by 5%, Adani Transmission at 5%, Adani Total Gas by 5%, Adani Green Energy at 5%, ACC declined 3.7 , Ambuja Cement at 6.3% and NDTV at 3.7%.

Since then, all of the group's stocks have recovered slightly.