Shares of Adani Energy Solutions Ltd witnessed a significant fall of 7% during trading on Thursday after MSCI announced its latest index adjustments, which did not include the company in the MSCI Global Standard Index. This decision was attributed to concerns regarding the company's free float. The stock plummeted 7.46%, reaching a low of Rs 995 on the Bombay Stock Exchange (BSE), bringing its total decline for the year to 5.74%.
In an official statement, MSCI referenced publicly available information indicating that Adani Energy Solutions had received a show cause notice from the Securities and Exchange Board of India (SEBI) for potential misclassification of shareholding among certain entities. Due to this uncertainty surrounding its free float, MSCI stated that it would not implement any increases in the Number of Shares (NOS),
Foreign Inclusion Factor (FIF), or Domestic Inclusion Factor (DIF) for Adani Energy Solutions as part of its November 2024 index review.
MSCI also mentioned that it would continue to monitor Adani Group and related securities and would provide further updates as necessary.
Despite these challenges, Adani Energy Solutions recently reported a remarkable 172% year-on-year profit growth for the second quarter, driven by increased EBITDA and a deferred tax reversal of Rs 314 crore. Excluding this tax reversal, the profit after tax (PAT) stood at Rs 459 crore, reflecting a 61.6% increase. Revenue for the quarter surged by 68.9% year-on-year to Rs 6,360 crore, compared to Rs 3,766 crore in the previous year.
Additionally, the company has secured approval from the Central Electricity Regulatory Commission (CERC) to transfer its inter-state energy trading license from Adani Enterprises, allowing it to offer customised power solutions to commercial and industrial customers.
