MSCI Excludes Adani Energy Solutions from Latest Index Review, Adds Federal Bank and Indian Bank

MSCI Index Review: Changes to Constituents Announced

MSCI has announced changes to its indexes as part of its latest review, with Adani Energy Solutions being excluded from its Investable Market Index due to its presence on the NSE's short-term watchlist for unusual trading activity.

The company was initially slated for inclusion in the May 2026 review, but under MSCI's methodology, no additions are implemented for securities placed under India's Short-Term or Long-Term Additional Surveillance Measure lists. Despite this, other companies have been added to the standard indexes, including Federal Bank, Indian Bank, Multi Commodity Exchange of India, and National Aluminium Company.

Conversely, Hyundai Motor India, Jubilant FoodWorks, Kalyan Jewellers, and Rail Vikas Nigam have been deleted from the indexes. The changes to the MSCI Global Standard Indexes will take effect after the close of trade on May 29, 2026.

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The weightage of stocks including Adani Power, Bharat Petroleum Corporation, FSN E-Commerce Ventures, Oracle Financial Services Software, and Trent will increase in the MSCI Standard Index, while around 75 stocks will see their weightage decline, including Bajaj Finance, Coal India, Hindustan Unilever, Infosys, Oil and Natural Gas Corporation, Tata Consultancy Services, UltraTech Cement, Hindustan Aeronautics, Mahindra & Mahindra, and Nestle India among others.

In related news, the MSCI Smallcap Index has seen the inclusion of 14 stocks, while 29 companies were deleted during the latest review. The additions to the MSCI Smallcap Index include Aditya Infotech, Anthem Biosciences, Anupam Rasayan India, Bluestone Jewellery, Emmvee Photovoltaic, Escorts Kubota, Fractal Analytics, Indian Renewable Energy Development Agency, Jain Resource Recycling, Jubilant FoodWorks, Kalyan Jewellers, PhysicsWallah, Pine Labs, and Tenneco Clean Air India. The changes in constituents for the MSCI Global Small Cap Indexes will also take effect after the close of trade on May 29, 2026.