Begin typing your search above and press return to search.
It doesnt end with Rahul hounding
access_time 25 March 2023 4:20 AM GMT
20 years after the Iraq war
access_time 24 March 2023 8:50 AM GMT
Are  Khalistanists returning?
access_time 22 March 2023 5:12 AM GMT
Trading votes for higher rubber price?
access_time 21 March 2023 5:26 AM GMT
Unmuting democracy
access_time 20 March 2023 6:21 AM GMT
Homechevron_rightBusinesschevron_rightAdani Enterprises’...

Adani Enterprises’ removal from S&P Dow Jones Indices means a lot for Adani Group

Adani Enterprises’ removal from S&P Dow Jones Indices means a lot for Adani Group

Mumbai: The flagging of stock manipulation and accounting fraud by the US-based Hindenburg Research has prompted the S&P Dow Jones Indices to decide to remove Adani Enterprises from the Dow Jones Sustainability Indices with effect from February 7.

In a statement, S&P Dow Jones Indices said that “Adani Enterprises (XBOM: 512599) will be removed from the Dow Jones Sustainability Indices following a Media & Stakeholder Analysis triggered by allegations of stock manipulation and accounting fraud.”

The removal would mean for Adani Enterprises that the shares of the company would appear lacklustre, particularly to environment-conscious investors as the index represents the top 10 per cent of the largest 2,500 companies in the S&P Global Broad Market Index (BMI) based on long-term economic, environmental and social criteria.

The relentless selling has now wiped more than US$115bn from the value of Adani companies as the traders sent shares down more than 25% shortly after markets opened in Mumbai on Friday.

The NSE had placed Adani Enterprises, along with Adani Ports & SEZ and Abuja Cements under the additional surveillance measures (ASM) framework on February 2, which means trading in their shares now requires a 100% margin in order to curb speculation and short-selling.

Political opposition groups in India are pressuring parliament to debate the impact of the Adani fraud claims on investors and the country’s banking sector.

Show Full Article
TAGS:Adani Enterprise Adani Group S&P Dow Jones Indices 
Next Story