AU Small Finance Bank, Tata Elxsi and Adani Power soar on MSCI foray

Shares of AU Small Finance Bank (SFB), Tata Elxsi and Adani Power jumped on Friday after index provider MSCI included them in its global index. From the Asia Pacific region, MSCI has added 48 stocks and deleted 76, with the most changes in China. India saw four additions and one deletion.

The additions were Tata Elxsi (estimated inflows of $170 million), Jindal Steel and Power ($136 mn), Adani Power ($135 mn) and AU Small Finance Bank ($72 mn). Shares of Tata Elxsi and Adani Power also reacted positively, soaring 14.6 per cent and 5 per cent respectively. 

Jindal Steel fell close to two per cent. The only deletion HDFC Asset Management Company (estimated outflows of $75 mn) fell close to 4 per cent.

The changes announced by MSCI will be effective from June 1, while index funds are likely to realign their portfolios on May 31.