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[ad_1] SYDNEY: Index provider MSCI said it has cut the free-float designations of four securities of India's Adani group , a move which analysts have warned could impact their index weightings. MSCI said in a statement it has reduced the free floats of Adani Enterprises, Adani Total Gas, Adani Transmission and ACC. The remaining companies' free floats will remain the same. Adani did not immediately respond to a request for comment from Reuters. The four companies for which the free float designation change was announced had a combined 0.4% weighting in the MSCI emerging markets index as of January 30. The changes come into effect on March 1. Billionaire Gautam Adani has seen some $110 billion wiped off the value of seven firms in the group he founded after US short seller Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation. Adani has denied any wrongdoing. Analysts had said a change in free float status could affect the weighti...

[ad_1] MUMBAI: Two months on from its explosive report into Gautam Adani ’s acquisitive conglomerate, short seller Hindenburg Research has left the Indian billionaire’s empire chastened and reevaluating its ambitions. Hindenburg’s allegations of extensive, years-long corporate fraud at the Adani group have wiped out about $125 billion in market value since January, spurring the tycoon to rein in plans to expand into new sectors, according to people familiar with the company’s inner workings. The group, which racked up one of India’s heftiest debt loads to fund fresh areas of growth, is pulling back from petrochemicals and is unlikely to go ahead with a planned $4 billion greenfield coal-to-polyvinyl chloride project in Mundra, western India, said the people, asking not to be identified on what are internal discussions. It’s also dialing back on ambitions to dive further into aluminum, steel and road projects, said the people. Instead, Adani — who has been closely associated wit...