Fresh risk for Adani as MSCI probes free float of group stocks

FILE PHOTO: The logo of the Adani Group is seen on one of its buildings in Ahmedabad, India, January 27, 2023. REUTERS/Amit Dave

SYDNEY/NEW DELHI (Reuters) -India's Adani Group faced fresh concerns on Thursday after financial index provider MSCI said it was reviewing the free float designation of some group company securities.

Billionaire Gautam Adani has seen some $110 billion wiped off the value of seven firms in the group he founded after U.S. short seller Hindenburg Research accused the group of improper use of offshore tax havens and stock manipulation.