Nearly $1 billion outflow! MSCI reduces weights of these 15 Nifty stocks

MSCI Inc has reduced the weightage of 15 Nifty50 stocks as part of its May global index review. The downgrades will cause net outflows of nearly $1bn. Weights of Tech Mahindra, Tata Consultancy Services, Infosys and Mphasis have been cut. Weights for Axis Bank, Bajaj Finance, Divi’s Laboratories, ICICI Bank, HDFC, Hindalco Industries, Bharat Petroleum Corp and JSW Steel have also been reduced. The weights of eight index stocks, including Kotak Mahindra Bank, NTPC and UltraTech Cement have been increased, resulting in net inflows of approximately $400m.