NSE to add Adani Wilmar, Adani Power to major indices
Adani Wilmar and Adani Power, two companies of the Adani Group, are to be included in the Nifty indices. The National Stock Exchange of India (NSE) had tweaked the constituents of its major indices to include these companies. No change has been made to the Nifty 50 index.
Adani Wilmar will be part of the Nifty Next 50 and Nifty 100 indices, while Adani Power will be included in the Nifty 500, Nifty 200, Nifty Midcap 100, Nifty Midcap 150, Nifty LargeMidcap 250, and Nifty Midsmallcap 400 indices.
The Index Maintenance sub-committee of NSE Indices Ltd has decided to make replacement of stocks in various indices as part of its periodic review.
In Nifty Next 50 index, apart from Adani Wilmar, other companies that will be included are ABB India, Canara Bank, Page Industries, and Varun Beverages.
On the other hand, Bandhan Bank, Biocon, Gland Pharma, MphasiS, and One 97 Communications would be dropped from the Nifty Next 50 index.
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 weightage changes, which was supposed to go into effect this month, has been postponed to May.
The main reason for the delay, according to the global index provider, was potential replicability issues caused by the impact of price limit mechanisms in two Adani group firms.
Adani Group stocks have dropped sharply on the exchanges after US-based short-seller Hindenburg Research made a slew of allegations against the business conglomerate led by Gautam Adani, including fraudulent transactions and share-price manipulation.
The Adani Group has denied the allegations, claiming that it complies with all laws and disclosure requirements.