Adani Transmission, Adani Total Gas shares hit lower circuit in today's trade
Adani Transmission share price NSE, Adani Total Gas share price NSE: MSCI will lower the free float of the two Adani Group companies. The financial index provider sees the Adani Total Gas' free float at 14% and Adani Transmission at 10 per cent, from 25 per cent.
Adani Transmission share price NSE, Adani Total Gas share price NSE: Trading in Adani Transmission and Adani Total Gas was halted on Monday after shares suffered steep losses and hit a lower circuit. The trend follows after MSCI updated that it will lower the free float of the two Adani Group companies. Adani Transmission opened and hit a lower circuit at Rs 949.05, down by Rs 49.95. Besides, Adani Total Gas opened at 880 and hit a lower circuit at Rs 872.90 and later resumed trading. At 10:46 AM, the counter quoted Rs 878.45, down by Rs 40.35 or 4.39 per cent. The financial index provider sees the Adani Total Gas' free float at 14% and Adani Transmission at 10 per cent, from 25 per cent.
Free float is the proportion of outstanding shares considered available for purchase in public equity markets by international investors. MSCI in February postponed the implementation of these updates to weightings that were due March and said "potential replicability issues" are behind the decision. Its methodology calls for indexes to be replicated "in an actual portfolio in a cost-efficient matter", it said.
MSCI also said in the same month it will review the free float designation of some of the Adani firms' securities after U.S. short-seller Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation.
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Adani Transmission share price history, Adani Total Gas share price history
Both Adani Total Gas and Adani Transmissionshares shares have corrected over 60 per cent in the last year, a period in which the headline index Nifty 50 has gained nearly 12 per cent.
(With inputs from Reuters)
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