MSCI said Wednesday it was reviewing the amount of shares linked to the group that were freely tradable in public markets.
February 10, 2023 / 06:30 AM IST
Adani Group Chairman Gautam Adani. (File image)
Stocks linked to the Adani Group have escaped removal from MSCI Inc. indexes, as the Indian conglomerate continues to deal with the impact of a short-seller campaign that wiped out almost half of its market value in just over two weeks.
It is still unclear whether the index provider has adjusted weightings of any of the group’s stocks in its equity gauges in its latest review. MSCI said Wednesday it was reviewing the amount of shares linked to the group that were freely tradable in public markets.
The review has directed market attention back to a key allegation by Hindenburg Research: that offshore shell companies and funds tied to the Adani Group comprise many of the largest “public,” or non-insider, holders of Adani shares.
Billionaire Gautam Adani’s companies have suffered a stock meltdown that at one point erased $ 117 billion in market value after Hindenburg accused the company of accounting fraud and market manipulation, allegations the group has furiously denied. Adani Enterprises, the flagship firm of the conglomerate, was forced to pull a key share sale in the 11th hour and shelve its first-ever public sale of bonds.
`); } if (res.stay_updated) { $ (“.stay-updated-ajax”).html(res.stay_updated); } } catch (error) { console.log(‘Error in video’, error); } } }) }, 8000); })
