Gautam Adani: After Hindenburg Research, MSCI gave a big blow to Gautam Adani, Qatar gave ‘wings’ of four companies – msci cuts free-float designations of four adani group companies
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A report by American short selling firm Hindenburg Research has made serious allegations against the Adani Group. It states that Adani Group has been involved in rigging of shares. Although Adani Group has denied these allegations. But due to this report there has been a huge decline in the companies of Adani Group. The group’s market cap has come down to $100 billion. Gautam Adani has also slipped from third to 21st in the list of billionaires of the world. Shares of nine out of 10 Adani Group companies declined on Thursday.
Why MSCI did this
MSCI had said that some market participants have questioned the appropriateness of Adani Group’s shares being included in some indexes and their free float status will be reviewed. Eight companies of the Adani Group are included in the MSCI index. Adani Enterprises, Adani Ports, Adani Total Gas, Adani Green, Adani Transmission, Adani Power, Ambuja and ACC are part of the MSCI India Index. For any listed company, it has to be ensured that at least 25 per cent of its shareholding should be held by the public.
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