Five companies to be part of MSCI India Index, four move out

A total of four companies, including Ashok Leyland and Tata Power Company, have been removed from the MSCI India Index while five have been added, according to a statement.

The two other companies removed are Shriram Transport and Mahindra & Mahindra Financial Service, MSCI said in the statement.

The five additions are Biocon, Indraprastha Gas Limited, Jubilant Foodworks, Tata Consumer Products and Torrent Pharmaceuticals.

The changes in constituents of the MSCI Global Standard Index will take place as of the close of May 29, 2020, it said.

MSCI Global Standard Index is widely used by global fund houses for benchmarking global equities portfolios.

The changes have been announced by MSCI in its semi-annual index review of the global investable market indexes May 2020. In the small-cap index, 18 companies have been added, while there have been 54 deletions.

Bharat Heavy Electricals and JB Chemicals and Pharmaceuticals are among the companies that have been added to the index. Among the 54 companies removed include Adani Transmission, BEML, Ashoka Buildcon and Dish TV India among others are deleted.