Vodafone Idea Ltd., Indiabulls Housing Finance Ltd. and Glenmark Pharmaceuticals Ltd. are highly indebted companies which are supposed to remove from the MSIC India Index, according to brokers.
Out of these many companies have seen a sharp erosion in their market values in the wake of the year-long crisis in India’s credit market. The troubled private lender Yes Bank Ltd. has slumped more than 60 per cent this year, while Indiabulls was axed from the NSE Nifty 50 Index in September after the mortgage lender’s share value more than halved.
ICICI Prudential Life Insurance Co. and Siemens Ltd. are companies supposed to be added to MSCI’s indexes, according to Morgan Stanley and Edelweiss. MSCI will announce the results of its semi-annual review of gauges on November 7 during US hours. The changes will be effective at the close of November 26. The index provider said in an announcement last month.
Read EquityPandit’s Nifty Outlook for the Week