A round-up of the biggest articles from newspapers
A round-up of the biggest articles from newspapers
Adani Group stocks plummet again as MSCI conducts free float review
The stock prices of Adani Group erased nearly all gains in the past two trading sessions after MSCI questioned the uncertain characteristics of some investors in group stocks, which could impact how the index provider calculates the free float in them. MSCI is the world’s leading provider of indices and investors rely on MSCI products to allocate capital. The outcome of the evaluation will be announced today. Depending on the quantum of the reduction in free float, passive funds tracking the MSCI indices will have to prune their exposure to Adani stocks to realign with the new composition of the index.
Why it’s important: The outflows triggered by the MSCI action could range from several million dollars to more than half a billion, depending on the modifications, which will become effective at the end of May. There could be more pain ahead for Adani stocks.
Net profit at Life Insurance Corporation surges 27 times to Rs 6,334.19 crore
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