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Gautam Adani facing another setback as key index probes free float of stocks

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The billionaire has seen some $110 billion wiped off the value of seven firms in the group he founded.

Analysts say a change in free float status could affect the weightings of MSCI index constituents, possibly triggering a shift of positions by funds as many investments globally are aligned to such indexes.

Billionaire Gautam Adani has seen some $110 billion wiped off the value of seven firms in the group he founded.India’s opposition parties on Thursday heckled Prime Minister Narendra Modi as he spoke in the upper house of parliament and demanded an investigation into the allegations against the Adani Group.

Free float is defined as the proportion of outstanding shares considered available for purchase in public equity markets by international investors.

 

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