Adani Group's two companies, Adani Wilmar and Adani Power, are all ready to make their way into some of the Nifty indexes as of March 31, 2023. This was after the country’s leading stock exchange NSE announced to modification of the constituents of its major indices on Friday.
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, according to NSE.
All the changes in the indices will be effective from March 31 this year, the exchange said.
As part of its routine assessment, the Index Maintenance subcommittee of NSE Indices Ltd has agreed to replace equities in various indices, the statement said. However, the National Stock Exchange (NSE) did not alter its Nifty 50 index.
In addition to Adani Wilmar, other firms that will be featured in the Nifty Next 50 index include ABB India, Canara Bank, Page Industries, and Varun Beverages.
On the other hand, the Nifty Next 50 index would exclude Bandhan Bank, Biocon, Gland Pharma, MphasiS, and One 97 Communications.
Earlier this week, index provider MSCI Inc postponed the implementation of reducing the weightage of two Adani group firms, Adani Total Gas and Adani Transmission. MSCI Inc cited a potential impact from price constraint mechanisms.
The decision about the weightage changes, which was supposed to take effect this month, has now been delayed until May.
The main cause of the delay, according to the international index provider, was the influence of price control mechanisms in two Adani group companies.
Stocks of the Gautam Adani-led corporate behemoth, the Adani Group, have fallen significantly on the exchanges after a US-based short-seller, Hindenburg Research, accused it of engaging in fraudulent transactions and manipulating share prices.
The Adani Group has denied the accusations, claiming that it abides by all legal and disclosure obligations.