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MSCI's weighting action 'incorrect': HDFC

Reuters/Mumbai 16 May 12 | 04:21 PM
 Housing Development Finance Corporation Ltd
tradenow

BSE   22 May 15 | 03:53 PM

1287.50  31.55 (2.51%)

NSE   22 May 15 | 12:00 AM

1288.05  32.1 (2.56%)

Shares in Housing Development Finance Corporation fell 3.7% after its weighting reduced in MSCI's indices.

MSCI has reduced the weighting of HDFC in its indexes to accommodate new addition and deletions, as part of its semi-annual review of the composition across all its country indices.

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However, a HDFC spokesman objects to MSCI's action.

"MSCI may be considering foreign availability (of shares) in HDFC at 74% which is incorrect. It should be 100%. We are communicating this error to Morgan Stanley," a HDFC spokesman said.

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