Incorrect security pricing caused by glitch behind India index slump: MSCI

By Ishika Mookerjee

Global index provider MSCI Inc. cited incorrect pricing caused by a technical issue as the reason for a sudden plunge in an India gauge on Friday.
 

“Due to a technical issue, the opening price of a security in the MSCI India Index was incorrect,” Melanie Blanco, head of external communications, Americas, wrote in an emailed response to questions from Bloomberg News. “The price has since been corrected.”

The MSCI India Index slumped about 9% mid-day local time even as the Nifty 50 Index, the benchmark gauge of the National Stock Exchange of India Ltd., was down about 1%. An MSCI gauge of Asian stocks as well as the MSCI Emerging Markets Index extended losses around the same time.

“MSCI is evaluating any impact with respect to its real-time indexes,” Blanco wrote in her response, without elaborating.

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