 "NSE to include Adani Wilmar, Adani Power in few indices from March 31")
Leading stock exchange NSE has tweaked the constituents of its major indices with Adani Group's two companies -- Adani Wilmar and Adani Power -- all set to make their way into some of the Nifty indices from March 31, 2023.
Adani Wilmar will be part of Nifty Next 50 and Nifty 100 indices, while Adani Power will be included in Nifty 500, Nifty 200, Nifty Midcap 100, Nifty Midcap 150, Nifty LargeMidcap 250, and Nifty Midsmallcap 400 indices.
All the changes in the indices will be effective from March 31 this year, the exchange said in a late night statement on Friday.
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.
However, the National Stock Exchange (NSE) did not make any change to its Nifty 50 index.
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.
Also Read
On the other hand, Bandhan Bank, Biocon, Gland Pharma, MphasiS and One 97 Communications would be dropped from the Nifty Next 50 index.
Earlier this week, index provider MSCI Inc postponed the implementation of reducing the weightages of two Adani group firms, Adani Total Gas and Adani Transmission, in its indices, citing potential impact from 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 global index provider had cited potential replicability issues due to impact from price limit mechanisms in two Adani group firms as the main reason behind the delay.
Adani Group stocks have taken a beating on the bourses after US-based short-seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate led by Gautam Adani.
The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)