Shares of Adani Total Gas and Adani Transmission ended more than 4 per cent lower on Friday after MSCI announced that the two companies will move out of the MSCI India Index with effect from May 31.
The stock of Adani Total Gas nosedived 4.33 per cent to settle at Rs 818.35 apiece and Adani Transmission plunged 3.49 per cent to close at Rs 885 per piece on the BSE.
During the day, shares of both companies declined 5 per cent each and touched their lower circuit levels on the bourse.
There are three additions and three deletions announced in the MSCI India Index, which will take place as of the close of May 31, 2023, according to the May 2023 index review announced on Thursday by MSCI.
Indus Towers will also move out of the index. Shares of Indus Towers fell 2.15 per cent to finish at Rs 148.20 apiece on the BSE.
Also, shares of Sona BLW Precision, Hindustan Aeronautics Ltd (HAL) and Max Healthcare Institute were ended in mixed note after they were added in the MSCI India Index.
Sona BLW Precision fell 2.48 per cent to end at Rs 533.80 per share and HAL went lower 1.45 per cent to settle at Rs 2,974.50 apiece on the BSE.
However, shares of Max Healthcare Institute jumped 3.32 per cent to close at Rs 499.70 apiece.
US short-seller Hindenburg Research in its January 24 report levelled allegations of fraud and stock manipulation against the Adani group, however, the conglomerate has repeatedly denied all allegations.
MSCI Global Standard Index is widely used by global fund houses for benchmarking global equities portfolios.