Shares of AU Small Finance Bank (SFB), Tata Elxsi and Adani Power surged on Friday after index provider MSCI included them in its global index. From the Asia-Pacific region, MSCI added 48 stocks and removed 76, with the most changes in China. India saw four additions and one deletion.
The additions were Tata Elxsi (estimated inflows of $170m), Jindal Steel and Power ($136m), Adani Power ($135m) and AU Small Finance Bank ($72m). Shares of Tata Elxsi and Adani Power also reacted positively, climbing 14.6% and 5% respectively.
Jindal Steel fell almost 2%. The removal of HDFC Asset Management Company alone (estimated outflows of $75 million) fell nearly 4%.
The changes announced by MSCI will be effective from June 1, while index funds are expected to realign their portfolios on May 31.
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First published: Friday, May 13, 2022. 10:40 p.m. IST