Ajit Karn
Adani Shares End in the Red
Shares of the Adani Group’s firms fell on Thursday, February 9, after two days of gains, after the announcement by financial index provider MSCI that it was investigating the free float status of several group company stocks and their eligibility for inclusion in its indexes.
Following a review of the number of shares that may be freely traded, MSCI will alter its weightings for the group stocks.
According to Reuters, the US-based MSCI stated in a statement that “MSCI has judged that the characteristics of some investors have sufficient ambiguity that they should no longer be categorised as free float.”
This is a portion of MSCI’s monthly routine evaluation.
Norway’s national wealth fund, the largest stock investor in the world, announced on Thursday that it has sold a position in Adani Group for about $200 million, according to Reuters.
According to Moneycontrol, the Norwegian fund had shares in Adani Green Energy valued at $52.7 million, Adani Total Gas shares valued at $83.6 million, and Adani Ports and Special Economic Zone shares valued at $63.4 million as of the end of 2022.
Nine out of the ten Adani stocks finished in the negative.
This is a portion of MSCI’s monthly routine evaluation.
Norway’s national wealth fund, the largest stock investor in the world, announced on Thursday that it has sold a position in Adani Group for about $200 million, according to Reuters.
According to Moneycontrol, the Norwegian fund had shares in Adani Green Energy valued at $52.7 million, Adani Total Gas shares valued at $83.6 million, and Adani Ports and Special Economic Zone shares valued at $63.4 million as of the end of 2022.
Nine out of the ten Adani stocks finished in the negative.
The statement read, “This finding has precipitated a free float examination of the Adani Group securities.”
According to Neeraj Dewan, director of Quantum Securities, “some investors use MSCI index as a measure.” Select Adani group equities may come under greater pressure based on the results of the MSCI investigation.
Meanwhile, according to Reuters, the largest stock investor in the world, Norway’s national wealth fund, said on Thursday that it has sold its $200 million-plus position in Adani Group.
According to Moneycontrol, the Norwegian fund had shares in Adani Green Energy valued at $52.7 million, Adani Total Gas shares valued at $83.6 million, and Adani Ports and Special Economic Zone shares valued at $63.4 million as of the end of 2022.
Nine out of the ten Adani stocks finished in the negative.
On Thursday, Adani Enterprises lost 10.72% of its value and closed at 1,927.30 per share. Adani Power 5%, Adani Transmission 5%, Adani Green Energy 4.96%, Adani Total Gas 5%, ACC 2.88%, and Ambuja Cements 6.86% all had declines.
Also read:- Norway Wealth Fund sells Adani Group companies for $200 million.
Adani Wilmar’s stock increased by 5% on news that its consolidated earnings for the third quarter ended in December 2022 increased by 16% as compared to the same time in the previous year. Products are sold by the company under the Fortune name.
The Nifty gained 22 points, or 0.12%, to end at 17,893.45, while the Sensex gained 142 points, or 0.23%, to end at 60,806.22.
