Adani Group Stocks: MSCI has decided to reduce the free float of shares of two companies of Adani Group. At the same time, after the report of Hindenburg, there was talk of reviewing it.
Adani Group Companies: MSCI has taken a special step regarding the sAdani Group Stock: MSCI will reduce the free float of two companies of Adani Group, know which are these shares hares of two companies of Adani Group. The financial index provider on Friday said MSCI will reduce the free float of India’s Adani Group’s Adani Total Gas and Adani Transmission in its May index review. MSCI will now reduce the free float of Adani Total Gas to 14 percent and Adani Transmission to 10 percent from 25 percent.
Free float is maintained as a proportion of the outstanding shares available for purchase in the public equity market by international investors. In February, MSCI had reduced the weightage of all Adani Group companies. Reuters reports that now once again the free float of its two shares has been reduced.
MSCI took a big decision
After the Hindenburg report, MSCI had taken a big decision regarding Adani Group. In the same month, MSCI said it would review the free float of securities of some Adani firms. Hindenburg accused the Adani Group of stock manipulation and fraud.
What MSCI said after the Hindenburg report
According to a Reuters report, index provider MSCI said in a statement that it received a response regarding a number of securities belonging to the Adani Group for the ‘MSCI Global Investable Market Index’, which said it was ‘free float’ as per norms. Should not be designated as such. In view of this, the weightage of the companies has been reduced.
On Friday, shares of Adani Total Gas were trading at Rs 921, down 1 per cent. On the other hand, shares of Adani Transmission fell 1.24 per cent to Rs 999 per share.
