Global index services provider MSCI has decided it will not add Adani Energy Solutions to its indexes in the May 2026 review after the stock was moved to an “Ineligible Alert Board” linked to India’s Additional Surveillance Measure (ASM) framework.
In a standard announcement in the wee hours of today, MSCI said under Appendix I of the MSCI Global Investable Market Indexes Methodology, the index provider “will not implement any additions to IMI for securities that enter the India Short Term and Long Term Additional Surveillance Measure (ASM)” during index reviews.
“Consequently, the above mentioned security (Adani Energy) will not be added to the MSCI Indexes as part of the May 2026 Index Review,” the announcement stated.
MSCI added that the Index Review refreshed comparison reports published on May 12, 2026 “already reflect this deletion.” All changes for the May 2026 index review, including the non-inclusion of Adani Energy Solutions, will be implemented as of the close of May 29, 2026 and become effective from June 1, 2026.
In the meantime, MSCI has added four Indian stocks, including MCX and Indian Bank, to the MSCI Standard Index, while removing an equal number of names, such as RVNL and Kalyan Jewellers, thereby keeping India’s overall weight broadly unchanged.
India’s weight in the MSCI Standard Index will remain largely stable at 12.3 per cent versus 12.4 per cent earlier, despite the churn in individual names. “MSCI’s official announcement for the May 2026 review is out, and the adjustments are broadly in line with Nuvama Alt’s predictions,” Nuvama said.
Beyond the flagship Standard Index, MSCI has also announced a significant reshuffle in its Small Cap Index, where Indian stocks have come under pressure amid a broader reset in the segment. Nuvama pointed out that the Indian small-cap universe will see “over a dozen exclusions,” with the total India stock count in the MSCI Small Cap Index dropping from 474 to 459 after the rejig.
