Shares of Adani Energy Solutions rose as much as 6.2% this morning on the BSE at Rs. 1,130 hit the day’s high while Adani Total Gas and Adani Green were trading around 2% higher.
The conglomerate’s flagship entity Adani Enterprises was marginally down while Nifty stock Adani Ports was flat.
Also Read | MSCI defies Hindenburg to remove freeze on Adani stocks from coverage list
Earlier this morning, MSCI announced that it will lift restrictions imposed on the Adani group after the Hindenburg report last year.
“MSCI clarifies that starting from the August 2024 index review, MSCI will implement 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. . which were previously postponed,” MSCI said in a statement.
Regular implementation of corporate events for Adani shares will be effective from September 2, 2024.
“MSCI continues to monitor related securities including Adani Group and Free Float and will issue further communications if appropriate,” it said.
In February 2023, the Hindenburg charge forced MSCI to delay the implementation of weightage changes following complaints from market participants over its low free float.
MSCI defines the free float of a security as the outstanding proportion of shares considered available for purchase by international investors in the public equity market.
“MSCI has determined that there is sufficient uncertainty in the characteristics of certain investors that they will not be designated as free float according to our methodology. This decision has triggered a free float review of Adani Group securities,” it said earlier.
Hindenburg’s claim resurfaced over the weekend when the American short-seller released another report but this time accusing the Sebi chief of holding a stake in an offshore entity used by the Adani Group to reinvest in Adani’s shares.
However, Buch has clarified that all the disclosures were made and that the offshore fund in which her family was invested never bet on Adani shares.
Despite being headline-grabbing, the report failed to sway investors on Dalal Street as Sensex and Nifty ended marginally lower. However, some of the impact of the report was seen in Adani shares which fell as much as 4%.
The combined market capitalization of all 11 Adani stocks, including the newly acquired Sanghi Industries, on Monday stood at Rs. 29,000 crore reduced to Rs. 16.97 lakh crore was done.
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