S&P Dow Jones to eliminate Adani Enterprises from sustainability index

S&P Dow Jones to remove Adani Enterprises from sustainability index

Revealed: The Secrets our Clients Used to Earn $3 Billion

Signage atop the Adani Group head office in Ahmedabad, India, on Wednesday,Feb 1,2023 Bonds of the Indian billionaires flagship company plunged to distressed levels in United States trading, and the business suddenly pulled a record domestic stock offering.

Bloomberg|Bloomberg|Getty Images

Adani Enterprises is coming off the Dow Jones Sustainability Indices, efficientFeb 7, S&P stated in a statement.

“Adani Enterprises will be removed from the Dow Jones Sustainability Indices following a Media & Stakeholder Analysis triggered by allegations of stock manipulation and accounting fraud,” it stated in a one-line notification.

Adani Enterprises was contributed to the Dow Jones Sustainability Emerging Markets Index sinceDec 19, 2022, according to a list of parts on S&P Global’s site.

Adani did not react to CNBC’s ask for remark. Shares traded 30% lower throughout Mumbai’s trading session on Friday.

The Dow Jones Sustainability Indices (DJSI) rank business in 61 markets, scoring them based upon their actions to surveys called the S&P Global Corporate Sustainability Assessment.

The indices act as standards for financiers who “integrate sustainability considerations into their portfolios,” according to the S&P Global site. They are created to act as an “effective engagement platform for investors who wish to encourage companies to improve their corporate sustainability practices.”