Global index provider MSCI is set to change its weightings for Adani Group stocks after reviewing how many shares can be freely traded, in a further setback for the Indian conglomerate reeling from fraud allegations.
MSCI said “certain investors” in Adani Group “should no longer be designated as free float pursuant to our methodology” after receiving feedback from “a range of market participants”.
Any cuts to the determined free float for the Adani Group’s listings would result in smaller weightings for those stocks in MSCI’s closely watched indices, triggering outflows as investors who track the benchmarks reduce their shareholdings.
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