MSCI rejigs India portfolio: 6 additions, 3 deletions in Standard Index; big moves for Fortis, Paytm

MSCI rejigs India portfolio: Global index provider MSCI has announced significant changes in its latest semi-annual review for November 2025, upgrading and downgrading several Indian stocks across its Standard and Smallcap indices. The reshuffle will take effect after market close on November 24, 2025, MSCI said in a statement.

Fortis, Paytm, GE Vernova upgraded

Three companies — Fortis Healthcare, One 97 Communications (Paytm), and GE Vernova T&D India — have been upgraded from the MSCI India Smallcap Index to the MSCI India Standard Index. The inclusion reflects their growing market capitalisation and improved trading liquidity.

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Tata Elxsi, CONCOR, Astral moved down

In contrast, Tata Elxsi, Container Corporation of India (CONCOR), and Astral Ltd have been moved down from the Standard Index to the Smallcap Index.

Nykaa, Indian Bank, Siemens Energy India added

MSCI’s India review also included additions of FSN E-Commerce Ventures (Nykaa), Indian Bank, and Siemens Energy India to the Standard Index. In total, six stocks were added and three were deleted from this category.

Broader smallcap review

The smallcap index saw seven additions and thirty-three deletions. New entrants include Blue Jet Healthcare, Honeywell Automation, Leela Palaces Hotels, and Thermax, along with Tata Elxsi, CONCOR, and Astral, which shifted down from the Standard Index. Fortis Healthcare, GE Vernova T&D India, and One 97 Communications were deleted as they moved up to the larger-cap index.

Global changes

Globally, MSCI’s November 2025 review included 69 additions and 64 deletions to the MSCI ACWI Index, which tracks equities across developed and emerging markets, including the United States, China, and Indonesia.

Impact on market flows

MSCI index changes are closely followed by global investors and passive funds that replicate MSCI benchmarks. Stocks added to the Standard Index typically attract buying interest ahead of inclusion, while those removed may face short-term selling pressure as fund managers adjust allocations.