The share price of Reliance Industries fell 5 percent on Wednesday after the MSCI reduced the weightage on the stock in its semi-annual index review. The weightage of the stock was cut to 12.35 percent from 14.09 earlier in the MSCI Global Standard Index.
The stock fell as much as 5 percent to the day's low of Rs 1,979 per share on the BSE. The stock has risen nearly 33 percent YTD but has declined 10 percent in the last 1 month.
MSCI said that it will add 12 Indian stocks and delete two as part of its semi-annual index review of its MSCI Global Standard Index. The changes in constituents for the MSCI Global Standard Indexes will take place as of the close of November 30, 2020.
Additions include ACC, Adani Green, Apollo Hospitals, Balkrishna Industries, IPCA Labs, Kotak Bank, L&T Info, MRK, Muthoot Finance, PI Industries, Trent, and Yes Bank. Meanwhile, Bosch and LIC Housing were removed from the index.
Morgan Stanley had earlier said that India’s stock market will see a net inflow of about $2.5 billion from the next round of changes to MSCI Inc.’s indices.
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