Adani Transmission, Adani Total Gas shares hit 5% upper circuit despite omission from MSCI index

Shares of Adani Transmission and Adani Total Gas rose by 5% on the Bombay Stock Exchange despite the two firms exiting the MSCI Global Standard Index. Adani Transmission’s shares have fallen by 15% over the last six sessions, while Adani Total Gas saw a 52-week low of INR633.35 ($8.70) on May 19. Analysts had predicted $189m in outflows after the MSCI move, but Adani Enterprises plans to raise $3bn through equity share sales to institutional investors, with Adani Green Energy’s board to meet in the first or second week of June to discuss the fundraise.