Shares of Adani Energy Solutions dropped by 7.15%, trading at ₹999.35, following MSCI’s announcement to exclude the stock from its Global Standard Index in the latest index reshuffle. The global index provider cited concerns over Adani Energy Solutions’ free float as the reason for its non-inclusion, despite expectations of its addition in the November review.
In a statement, MSCI noted that Adani Energy Solutions has been issued a show cause notice by SEBI regarding the potential wrongful categorization of certain entities’ shareholding. Given this uncertainty around its free float, MSCI decided against any adjustments to the stock’s Foreign Inclusion Factor (FIF) and Domestic Inclusion Factor (DIF).
MSCI stated, “We will continue to monitor Adani Group and related securities and issue further communication if appropriate.” According to the September shareholding pattern, the promoters hold a 69.94% stake in Adani Energy Solutions, which has impacted its eligibility for index inclusion.
