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Indian shares muted on Fed rate-hike concerns; Adani stocks tumble

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Indian shares struggled for direction on Thursday, on concerns over the U.S. Federal Reserve's rate-hike trajectory, while a drop in Adani Group company stocks also dampened sentiment.

Adani Group shares had recouped losses for two consecutive sessions after witnessing a sharp selloff following the U.S. short-seller Hindenburg Research's report, which flagged concerns regarding the conglomerate's financials on Jan. 24.

Index provider MSCI said on Thursday it had determined that some Adani securities should no longer be designated as free float.Several institutional investors and funds allocate as per the MSCI index and consider it a benchmark. If the weightage of Adani stocks gets reduced in the index following a review, it would lead to outflows and likely result in a slide in the group's stock, two analysts said.

 

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