Adani Group loses $15B in market value amid MSCI index rebalancing

Adani Group stocks shed approximately 1.4 trillion rupees, roughly $15 billion, in market value on Monday in what amounted to the conglomerate’s steepest single-day decline in about 21 months. The catalyst was a scheduled MSCI index rebalancing that collided with India’s relatively new Closing Auction Session mechanism, turning what should have been an orderly portfolio reshuffle into a liquidity vortex. Adani Enterprises led the carnage with an intraday plunge nearing 8%. Adani Energy Solutions and Adani Green Energy weren’t far behind, dropping roughly 7.4% and 7% respectively. What actually happened MSCI’s August 2026 index review went into effect after the close of trading on Monday. The review included weight adjustments for existing Adani constituents and, notably, the addition of Adani Energy Solutions to the MSCI India Index. Index funds tracking MSCI benchmarks are effectively forced to buy shares of newly added or upweighted companies, creating what analysts call passive inflows. Analysts had estimated roughly $310 million in passive buying for Adani Energy Solutions and approximately $202 million for Adani Enterprises. Yet the selling pressure overwhelmed any passive bid...