Shares of Adani Energy Solutions tanked by over 9% on Thursday after it was not included in the MSCI Global Standard Index.

What Happened: Analysts had expected the global index services provider to add the Adani Group stock to the global index as a part of its periodic rejig. However, MSCI did not add it citing a show cause notice issued to the company by the Securities Exchange Board of India for potential wrongful categorisation of shareholding of certain entities

Due to the uncertainty surrounding its free float, MSCI has decided not to implement any changes to the Number of Shares (NOS), Foreign Inclusion Factor (FIF), or Domestic Inclusion Factor (DIF) for Adani Energy Solutions in the November 2024 Index Review.

See Also: RITES Order Book Increases To ₹6,581 Cr In Q2, Shares Down Over 1.3%

“MSCI continues to monitor Adani Group and associated securities, including related to free float, and will issue further communication if appropriate,” MSCI said in its statement.

In its November rejig, MSCI has added BSE, Voltas, Kalyan Jewellers, Oberoi Realties and Alkem Laboratories to the index. Separately, it added that HDFC Bank’s weight will be increased in a second tranche after the first tranche of weight increase was announced in August. 

Price Action: Adani Energy Solutions plummeted 7.96% to ₹990.60 on Thursday morning.

Read Next: Trent To Post Q2 Earnings On Nov 7: Profit Seen Soaring 64% To ₹478 Cr