MUMBAI: Gautam Adani-led Adani Group is heading for its worst week since late February as the deletion of two of its entities from the indexes of MSCI and concerns over potential dilution from a fundraising plan have wiped out $10.1 billion in market value.
The group’s market capitalisation slid to $107 billion this week, with Adani Total Gas and Adani Transmission — two stocks to be dropped by MSCI — headed for their worst weeks since late February. The MSCI exclusions will probably trigger around $390 million of selling by global passive funds later this month, according to Brian Freitas, an independent equities analyst who publishes on Smartkarma.
