All of Adani Group Stocks were in the red as the markets opened on Friday.
What Happened: Morgan Stanley Capital International (MSCI), announced that after reviewing the Adani Group Securities, it has decided to cut the ‘free float' status of four of the group's companies.
In a statement the global index provider said, it has reduced the free floats of Adani Enterprises, Adani Total Gas, Adani Transmission, and ACC.
However, the status of the other four companies in the indexes remains the same. The changes will come into effect from March 1.
See Also: Gautam Adani Was Faced With Margin Call On ₹9,250 Crore Loan Before Full Repayment: FT
Earlier on Thursday, Norway's sovereign wealth fund announced that it sold its stakes in three Adani Group companies – Adani Total Gas, Adani Ports & Special Economic Zone, and Adani Green Energy.
The $1.35 trillion fund sold around $200 million or over ₹1600 crore worth of shares.
The fund's ESG risk monitoring head, Christopher Wright said that the fund has been reducing its stake since year-end and now "have no exposure left.”
Back at home, the group keeps being under political pressure as Congress refuses to back down from its demand that the government investigates the allegations made by the U.S.-based Hindenburg Research.
The Supreme Court is also scheduled to hear two petitions demanding an investigation into short-seller Hindenburg Research’s ‘conspiracy’ against the Adani Group.
Price Action: This is how the Adani Group stocks traded at market open on Friday.
Adani Enterprises shares traded 1.39% lower at ₹1,900.60
Adani Green Energy was down 4.30% to trade at ₹729.45.
Adani Ports & SEZ was down 0.90% to trade at ₹576.85.
Adani Power shares hit a lower circuit at ₹164 after dropping 5%.
Adani Total Gas shares traded 5% lower at ₹1,258.25.
Adani Wilmar was down 5% at ₹418.30.
Adani Transmission shares were down 5% to ₹1,186.15.
Ambuja Cement shares traded 1.49% lower at ₹352.65. ACC shares traded 1.57% lower at ₹1,886.50.
NDTV was down 3.49% to trade at ₹209.00.
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