Stocks part of Adani Group have lost a combined $10 billion in market value this week, weighed down by MSCI Inc’s move to exclude two entities from its India gauge and concerns over potential dilution from a fundraising plan.
Adani Total Gas Ltd and Adani Transmission Ltd — the two stocks to be dropped from the MSCI India gauge at the end of this month — headed for their worst weeks since late February. The exclusions will probably trigger around $390 million of selling by passive funds, Brian Freitas, an independent equities analyst who publishes on Smartkarma, predicted earlier.
