HDFC AMC has been having a pretty tumultuous day today. The stock opened higher at Rs.1844 and even rose over 1% to an intraday high of Rs.1861.65, to soon fall to a new 52-week low at Rs.1809.05. Its recouped a bit and is now trading at Rs.1814 levels.
The reason for this stock to fall in another wise firm market - index provider MSCI excluded the stock in its global indices, effective 1st June’22.
The MSCI added Adani Power, AU Small Finance Bank, Jindal Steel and Tata Elxsi. HDFC AMC was the only stock to be deleted.
The MSCI addition or deletion is significant as FIIs usually follow the trend in the MSCI Index.