
Adani Transmission, Adani Total Gas plunge 5% on MSCI exclusion
These two Adani group companies will no longer be eligible for inclusion in the MSCI GIMI as they will not meet the relevant free float-adjusted m-cap requirements, says MSCI
These two Adani group companies will no longer be eligible for inclusion in the MSCI GIMI as they will not meet the relevant free float-adjusted m-cap requirements, says MSCI
ACC and Ambuja Cements will resume operations at the Gagal and Darlaghat plants in Himachal Pradesh from today.
MSCI has lowered the free floats of Adani Enterprises, Adani Total Gas, Adani Transmission, and ACC, while free floats of remaining companies have been kept unchanged.
Ambuja Cements surged as much as 9.7% to hit an intra-day high of ₹426 apiece on the Bombay Stock Exchange.
Hindenburg Research accused the Gautam Adani-led conglomerate of "pulling the largest con in corporate history."
The BSE has sought clarification from Orient Cement on a report that Adani Group is in talks to buy promoter stake in the company.
The loss was in sharp contrast to D-Street estimates as analysts on average were expecting ACC to report a profit of ₹133 crore for the September quarter.
Billionaire Gautam Adani-led Adani Group has pledged about 57% of ACC shares and 63% of Ambuja Cements with Deutsche Bank AG’s Hong Kong branch as collateral for loans.
The Sensex and Nifty are poised to drop on Wednesday, following broad losses in Asia and on Wall Street overnight ahead of an expected fed rate hike.
Shares of Ambuja Cements surged 10.8% to hit a fresh all-time high of ₹572; ACC stock price gained 4.07% to touch a high of ₹2,721.35 during the session.