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.

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.