Home Business Adani Enterprises’ stock falls 2.6% ahead of Nifty50 debut

Adani Enterprises’ stock falls 2.6% ahead of Nifty50 debut


Shares of Adani Enterprises ended 2.6 per cent a day before the stock’s inclusion in the Nifty 50 index. The company was also in focus after it said it was considering increasing its public float. “We are working on plans to increase [the] free float further and the market will see the development in this direction,” the company told the Financial Times.

The promoter stake in Adani Enterprises stood at 72.28 per cent at the end of June 2022 quarter. With effect from Friday, the Adani group flagship company will replace Shree Cement in the country’s most-tracked equity gauge. AdaniEnterprises will become only the second Adanigroup firm after Adani Ports and Special Economic Zone to become part of the prestigious index. While the changes to the Nifty indices will take effect on Friday, the adjustment date for exchange traded funds (ETFs) and index funds to rebalance their portfolios was on Thursday. Adani Enterprises was expected to see buying to the tune of $189 million from ETFs tracking the Nifty 50 index.


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