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S&P Adani Enterprises will no longer be included in the Dow Jones sustainability index as of February 7, according to a statement from S&P.
During Friday’s trading session in Mumbai, shares of Adani fell 30% down.
Effective February 7, Adani Enterprises will no longer be included in the Dow Jones Sustainability Indices, according to a statement from S&P.
In a single sentence, it announced that “Adani Enterprises would be excluded from the Dow Jones Sustainability Indices following a Media & Stakeholder Analysis precipitated by claims of stock manipulation and accounting fraud.”
According to a list of components on S&P Global’s website, Adani Enterprises was included in the Dow Jones Sustainability Emerging Markets Index as of December 19, 2022.
The request for comment from CNBC was not answered by Adani. On Friday, shares experienced a 30% decline during trading in Mumbai.
The S&P Global Corporate Sustainability Assessment questionnaires are used by the Dow Jones Sustainability Indices (DJSI) to rank businesses in 61 different industries.
According to the S&P Global website, the indices act as benchmarks for investors who “integrate sustainability issues into their portfolios.” The purpose of them is to act as “an effective engagement tool for investors who seek to push corporations to enhance their corporate sustainability policies.” Source-cnbc