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Business News/ Markets / Stock Markets/  Adani Enterprises shares to be removed from Dow Jones Sustainability Indices
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Adani Enterprises shares to be removed from Dow Jones Sustainability Indices

Adani Enterprises will be removed from the Dow Jones Sustainability Indices following a Media & Stakeholder Analysis triggered by allegations of stock manipulation and accounting fraud, Dow Jones Index announcement says

S&P Dow Jones Indices will make the following changes to the Dow Jones Sustainability Indices, effective prior to the open on Tuesday, February 7, 2023.Premium
S&P Dow Jones Indices will make the following changes to the Dow Jones Sustainability Indices, effective prior to the open on Tuesday, February 7, 2023.

After inclusion of three Adani group stocks — Adani Enterprises, Adani Ports and Special Economic Zone and Ambuja Cements in ASM (additional surveillance measure) list for short term, Adani Enterprises shares have received another jolt from the US markets. Adani Enterprises shares are now facing removal from the Dow Jones Sustainability Indices, effective prior to open on Tuesday, 7th February 2023. The information has been made in index announcement by the US markets.

Announcing about removal of Adani Enterprises shares from the S&P Dow Jones Sustainability Indices, the Index announcement said, "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."

"S&P Dow Jones Indices will make the following changes to the Dow Jones Sustainability Indices, effective prior to the open on Tuesday, February 7, 2023," Index announcement added.

The move by the S&P Dow Jones Sustainability Index comes after a rout in the shares of the billionaire Gautam Adani's group companies in the aftermath of a scathing report by a US-based short-seller Hindenburg Research.

Adani group stocks have been under huge selling pressure after US-based short seller Hindenburg Research raised concern over the debut positioning of Adani group companies. In last six sessions, Adani Enterprises share price on NSE has fallen from 3,442 to 1,565 apiece levels, logging around 55 per cent dip in this time.

After this nosedive in Adani Enterprises shares, Chairman Gautam Adani announced to withdraw the follow-on public offer of the Adani Enterprises Ltd that was expected to generate 20,000 crore net proceeds for the company.

However, the situation further worsened when bonds of Adani group started nosediving in the global markets, which may fear the shareholders of the Adani group companies.

On Thursday, NSE announced to put three Adani group stocks in AMS list citing, "There shall be Additional Surveillance Measures (ASM) on securities with surveillance concerns based on objective parameters viz. Price / Volume variation, Volatility etc."

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Asit Manohar
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Published: 03 Feb 2023, 07:26 AM IST
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