The leading stock exchange NSE has changed the composition of its major indices, with Adani Group's two companies, Adani Wilmar and Adani Power, all set to join some of the Nifty indices on March 31, 2023.
Adani Power will be included in the Nifty 500, Nifty 200, Nifty Midcap 100, Nifty Midcap 150, Nifty LargeMidcap 250, and Nifty Midsmallcap 400 indexes while Adani Wilmar will be part of the Nifty Next 50 and Nifty 100 indices.
Effective from March 31
All changes to the indices will take effect on March 31, 2019, according to a late-night statement issued by the exchange on Friday.
As part of its routine assessment, the Index Maintenance subcommittee of NSE Indices Ltd has agreed to replace equities in various indices.
The National Stock Exchange (NSE) did not modify its Nifty 50 index, nevertheless.
In addition to Adani Wilmar, other firms that will be featured in the Nifty Next 50 index include ABB India, Canara Bank, Page Industries, and Varun Beverages.
On the other hand, the Nifty Next 50 index would exclude Bandhan Bank, Biocon, Gland Pharma, MphasiS, and One 97 Communications.
MSCI Inc postponed the implementation of reducing the weightages of two Adani group firms, Adani Total Gas and Adani Transmission, in its indices earlier this week, citing the potential impact of price limit mechanisms.
The decision on the changes in the weightages, which was to be effective this month, has now been postponed to May.
The main cause of the delay, according to the international index provider, was the influence of price control mechanisms in two Adani group companies.
Stocks of Adani Group
Stocks of the Gautam Adani-led corporate behemoth, the Adani Group, have fallen significantly on the exchanges after a US-based short-seller, Hindenburg Research, accused it of engaging in fraudulent transactions and manipulating share prices.
The Adani Group has denied the accusations, claiming that it abides by all legal and disclosure obligations.
With inputs from Agencies.
