Global index services provider MSCI announced the latest round of its rejig on Thursday, November 7, where five Indian stocks were included in the Global Standard Index. However, Adani Energy Solutions, another prospective inclusion in the latest round of rejig, was not included in the Global Standard Index.

MSCI attributed the non-inclusion for Adani Energy Solutions to concerns surrounding its free float.

“As per publicly available disclosures, Adani Energy Solutions has been issued a show cause notice by the Securities and Exchange Board of India (SEBI) for potential wrongful categorisation of shareholding of certain entities,” MSCI wrote in its statement.

As a result of this uncertainty regarding its free float, MSCI decided to not implement any increases in the number of shares, Foreign Inclusion Factor (FIF) and Domestic Inclusion Factor (DIF) for Adani Energy Solutions as part of its November review and until announced otherwise.

“MSCI continues to monitor Adani Group and associated securities, including related to free float, and will issue further communication if appropriate,” the statement said further.

As per the September shareholding pattern, promoters of Adani Energy Solutions held a 69.94% stake in the company.

Shares of Adani Energy Solutions are trading 8.2% lower on Thursday at ₹988. The stock is now down 27% from its recent peak of ₹1,348.