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2 Adani Majors Hit 5% Upper Circuits Despite Dropping from MSCI Global Index

Published 01-06-2023, 12:52 pm
© Reuters.
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By Malvika Gurung

Investing.com -- Shares of Adani Group companies gained on Thursday, with Adani Transmission (NS:ADAI) and Adani Total Gas (NS:ADAG) stocks hitting a 5% upper circuit in the session.

The two Adani stocks jumped on Thursday despite dropping out of the MSCI Global Standard Index during the May rejig. The adjustment was conducted on May 31, 2023.

The exit of the two large-cap Adani Group stocks from the MSCI index was expected to have triggered an outflow of nearly $390 million or Rs 3,200 crore.

Adani Transmission’s drop from the MSCI Global Standard Index was expected to lead to an outflow of $201 million, and that of Adani Total Gas was anticipated to account for a $186 million exodus from the index, as per a Nuvama report.

Both the Adani stocks snapped a five-day losing streak on June 1, with Adani Transmission falling 17.3% and Adani Total Gas declining 20% during the period.

Read Also: Adani Total Gas, Adani Transmission Hit 5% Lower Circuit on MSCI Index Rejig

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