Anti-Hindenburg pill? Adani stocks rally up to 6% on MSCI good news
Sebi chief Madhabi Puri Buch in the Adani vs Hindenburg case soured investor's mood, Adani stocks rallied up on Tuesday to 6% after getting support from global index services provider MSCI.
Shares of Adani Energy Solutions rallied up to 6.2% this morning to hit day's high at Rs 1,130 on BSE while Adani Total Gas and Adani Green were trading around 2% higher.
The conglomerate's flagship entity Adani Enterprises was down marginally while Nifty stock Adani Ports was flat.
Also read | MSCI ignores Hindenburg to remove freeze on Adani stocks from coverage list
In the wee hours of today, MSCI announced that it will remove restrictions imposed on the Adani Group in the aftermath of the Hindenburg report last year.
«MSCI clarifies that starting from the August 2024 Index Review, MSCI will implement the index review changes, including changes in the Number of Shares (NOS), Foreign Inclusion Factor (FIF) and Domestic Inclusion Factor (DIF) of Adani Group and associated securities that have been previously postponed,» MSCI said in a statement.
Regular implementation of corporate events for Adani stocks will come into effect from September 2, 2024.
«MSCI continues to monitor Adani Group and associated securities, including related to free float, and will issue further communication if appropriate,» it said.
Back in February 2023, Hindenburg's allegation had forced MSCI to delay the implementation of weightage changes following complaints from market participants on its low free float.
MSCI defines the free float of a
