New Delhi: S&P Dow Jones Indices has said that Adani Enterprises will be removed from the Dow Jones Sustainability Index due to recent allegations of stock manipulation and accounting fraud that were leveled against the group.
“Adani Enterprises (XBOM: 512599) will be removed from the Dow Jones Sustainability Index following media and stakeholder analysis triggered by allegations of stock manipulation and accounting fraud,” it said in a statement on Thursday (local time). S&P Dow Jones Indices will transition to the Dow Jones Sustainability Index, effective prior to the open on Tuesday — February 7, 2023.
The announcement by S&P Dow Jones Indices comes a week after a report by US-based Hindenburg Research, which came out on January 24, claimed that Adani Group had weak business fundamentals, stock manipulation and accounting fraud. There are allegations.
The report raised concerns about the possibility of Adani group companies falling from their current levels due to their high valuations. Shares of all Adani group companies have been falling steadily following the report, though with varying degrees.
According to the S&P Global website, the Dow Jones Sustainability Index (DJSI) is a “family of best-in-class benchmarks” for investors who have recognized that sustainable business practices are critical to generating long-term shareholder value and who want to reflect. Stability conviction in their investment portfolio.