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MSCI cuts some Adani group companies’ free-float designations

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People walk past a screen displaying news featuring on Adani Group inside the BSE building in Mumbai, India, on Thursday, Feb. 2, 2023.

Bloomberg | Bloomberg | Getty Images

Index provider MSCI said it has cut the free-float designations of four securities of India’s Adani group, a move which analysts have warned could impact their index weightings.

MSCI said in a statement it has reduced the free floats of Adani Enterprises, Adani Total Gas, Adani Transmission and ACC.

The remaining companies’ free floats will remain the same.

Adani did not immediately respond to a request for comment from Reuters.

The four companies for which the free float designation change was announced had a combined 0.4% weighting in the MSCI emerging markets index as of Jan. 30.

The changes come into effect on March 1.

Watch CNBC's full interview with NYU's 'Dean of Valuation' Aswath Damodaran on Adani and more

Billionaire Gautam Adani has seen some $110 billion wiped off the value of seven firms in the group he founded after U.S. short seller Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation. Adani has denied any wrongdoing.

Analysts had said a change in free float status could affect the weightings of MSCI index constituents, possibly triggering a shift by funds as many investments are aligned to such indexes.

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James Thomas
James Thomashttps://businessadvise.org
Hello, I am James Thomas blogger and content creator who specializes in personal finance and investing at Business Advise. I have been writing for over 5 years and have built a large following of readers who value practical advice and actionable tips. I'm committed to helping people take control of their financial futures and achieve their goals.

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