Signage atop the Adani Group headquarters in Ahmedabad, India, on Wednesday, Feb. 1, 2023. Bonds of the Indian billionaires flagship firm plunged to distressed levels in US trading, and the company abruptly pulled a record domestic stock offering.
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Adani Enterprises is coming off the Dow Jones Sustainability Indices, effective Feb. 7, S&P said in an announcement.
“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 said in a one-line notice.
Adani Enterprises was added to the Dow Jones Sustainability Emerging Markets Index as of Dec. 19, 2022, according to a list of components on S&P Global’s website.
Adani did not respond to CNBC’s request for comment. Shares traded 30% lower during Mumbai’s trading session on Friday.
The Dow Jones Sustainability Indices (DJSI) rank companies in 61 industries, scoring them based on their responses to questionnaires called the S&P Global Corporate Sustainability Assessment.
The indices serve as benchmarks for investors who “integrate sustainability considerations into their portfolios,” according to the S&P Global website. They are designed to serve as an “effective engagement platform for investors who wish to encourage companies to improve their corporate sustainability practices.”