Shares of Adani Transmission and Adani Total Gas slumped on Wednesday after MSCI removed both the stocks from MSCI Global Standard Index.
While Adani Transmission’s share price was down by 3.27 per cent at close on BSE, Adani Total Gas’s stocks were down 4.77 per cent at ₹665.10 a piece. These stocks will no longer be included in the portfolios of funds tracking the MSCI indices, leading to selling pressure.
Also read: Adani Transmission to be renamed to Adani Energy Solutions Ltd
MSCI has revised the constituents of its India-based index earlier this month. It has added Max Health, Sona BLW, and HAL to MSCI India Standard Index, while excluding Indus Towers, Adani Transmission, and Adani Total.
Some of the stocks that have seen an increase in weightage in the index include Kotak Bank, IndiGo, and Zomato.
Among small-cap companies, ACE, Anupam Rasayan, Bikaji Foods, Fusion Micro, Gland Pharma, Ircon, Kaynes, Kfin, and Mah Seamless have been added to the Small Cap index.