Two Adani shares will no longer be included in the MSCI India index.

Adani Transmission Ltd. and Adani Total Gas Ltd., two Adani group companies, will no longer be included in the MSCI India index, MSCI Inc. announced on Thursday. The order will go into effect on May 31 after the end of business

The revelation is just another blow for the company as it works hard to restore market trust after this year's market collapse brought on by the Hindenburg report.

The choice was made by the global index as part of its semi-annual comprehensive index review. According to Bloomberg, the MSCI has altered how many of the two businesses' shares are deemed freely traded on the open market for calculating its index.

MSCI said earlier this month that it will be reducing the weights of its indexes for Adani Transmission and Adani Total Gas. After the publication of the Hindenburg report in February, the decrease was first declared.

Notably, on Thursday, shares of companies owned by the Adani Group were up 1 to 5%. After the group's flagship firm, Adani Enterprises, revealed plans to raise money, the market cheered for the company. All 10 of the Adani Group's shares experienced a rise in price during the morning trading.

Adani Transmission Ltd. finished 3.15% higher on Thursday at 917 rupees per share on the BSE. Shares of Adani Total Gas Ltd rose by 2.30% and finished at 855.35 on the BSE.

In its analysis, Hindenburg accused Adani Group of blatant stock manipulation over a protracted period of time. The organisation led by billionaire Guatam Adani is attempting to raise money, which is viewed as a crucial measure of investor trust in the organisation. As a result of the analysis by US-based short seller Hindenburg, the value of the Adani Group was once reduced by around $150 billion. The Adani group has refuted all of the allegations, though.

On the BSE, Adani Transmission Ltd. ended the day Thursday with a 3.15% gain, closing at 917 rupees a share. Adani Total Gas Ltd.'s shares increased by 2.30% and closed at 855.35 on the BSE.

Hindenburg said in its study that Adani Group had engaged in flagrant stock manipulation over a lengthy period of time. Guatam Adani's organisation is aiming to raise money, which is seen as a significant indicator of investor confidence in the organisation. The valuation of the Adani Group was once decreased by almost $150 billion as a consequence of the study performed by US-based short seller Hindenburg. However, the Adani group has denied each and every accusation.