Global index provider MSCI has removed restrictions on the Adani Group and its subsidiary stocks to allow fresh developments in the conglomerate's business operations. The relief came as the index provider - as well as the markets - ignored the latest Hindenburg report that the group rejected as "recycled claims".
The MSCI announcement sparked a rally in Adani stocks that went up to 6% in early trade this morning.
"MSCI clarifies that starting from the August 2024 Index Review, MSCI will implement the index review changes, including changes in the number of shares (NOS), Foreign Inclusion Factor (FIF) and Domestic Inclusion (DIF) of Adani Group and associated securities that have been previously postponed," the index provider said in a statement.
Read | Adani Stocks Rally Up To 6% After Big Relief From Global Index Provider
The regular implementation of corporate events for these stocks will be effective from September 2, 2024, MSCI said.
The domestic and foreign inclusion factors are announced along with the August 2024 Index Review announcement. The changes will be implemented as of the close of August 30 (Friday), but will be effective from September 2.
MSCI, which had dropped Adani Energy and Adani Enterprises from the global standard index, will also consider the two companies' fundraises.
Read | Index Provider's Relief Opens Potential For Foreign Inflows In Adani Group
The statement said MSCI will continue to monitor the Adani Group stocks, including those related to free-float.
The announcement sparked a rally in nine out of the 10 Adani stocks bounced back this morning. Adani Energy Solutions saw the sharpest rise at 6.2% while Adani Total Gas rallied 4%.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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