Indices snap their four-day winning streak; MSCI rejig adds to volatility
Adani Total Gas Ltd. and Adani Transmission Ltd. - the two stocks to be dropped from the MSCI India gauge at the end of this month
CLOSING BELL: Eicher Motors, M&M, IndusInd Bank, Axis Bank, HUL, Tata Motors, HDFC Bank, SBI, Hero MotoCorp, Bajaj Finance and ICICI Bank were the top gainers of the day
Stocks to be assigned 'zero' value if they get locked in lower circuits that day
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The exclusion follows changes in MSCI's calculation on the amount of shares considered freely tradable in the public market for the two companies
Shares of Adani Transmission and Adani Total Gas had hit their respective lower circuit filter of 5 per cent on Monday, after MSCI said it would reduce their weights in its indices
The sharp decline in Adani Transmission and Adani Total Gas follows global index provider MSCI's decision to reduce the free float of the duo in its index review this month
Adani Total Gas and Adani Transmission in the MSCI Standard indices could now halve
MSCI now sees the Adani Total Gas' free float at 14% and Adani Transmission at 10%, from 25%
Shares of HDFC and HDFC Bank dropped up to 6 per cent. The Street had expected inflows worth $3 billion by foreign portfolio investors
The addition will be a boost for the private sector lender's stock price as it could result in inflows of over $300 million (Rs 2,500 crore)
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"On March 3, we downgraded our assessment of the Hindenburg-related controversy cases to 'moderate' from 'minor' following new developments in the relevant cases
This means women will not take an average of 50% of board seats across the 2,811 companies which make up MSCI's All Country World Index (ACWI) until 2038, based on the current trajectory
One of the market's most popular ESG index providers says it will speed up its review of companies, after it failed to address allegations of poor governance at the Adani Group companies as quickly as
The reversal of the updates to Adani Total Gas and Adani Transmission in the February index review will be reflected in the MSCI Index Product files starting from Feb. 16, MSCI said
Market participants complain about stringent trading measures on some frontline stocks
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MSCI Inc. will release the results of a quarterly review for its ESG and climate indexes this week, the first since a short-seller attack on the Adani Group triggered a $100 billion selloff