Four companies deleted from MSCI India Index; five added

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A total of four companies, including Ashok Leyland and Tata Power Company, have been removed from the MSCI India Index, while there has been five additions, it said in a statement.

While four companies -- Ashok Leyland, Tata Power Company, Shriram Transport Finance Company and Mahindra & Mahindra Financial Services -- have been deleted from the MSCI India Index, five firms have been added to the list, the index compiler said.

The changes in constituents for the MSCI Global Standard Indexes will take place as of the close of May 29, 2020, it said.

The five additions to the MSCI India Index are Biocon, Indraprastha Gas Limited, Jubilant Foodworks, Tata Consumer Products and Torrent Pharmaceuticals.

MSCI Global Standard Index is widely used by global fund houses for benchmarking global equities portfolios.

The changes were announced by MSCI in its semi-annual index review of the global investable market indexes May 2020.

In the small cap index, 18 companies have been added, while there has been 54 deletions.

Among those added are Bharat Heavy Electricals and JB Chemicals & Pharmaceuticals, while Adani Transmission, BEML, Ashoka Buildcon and Dish TV India among others are deleted.