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To make room for Adani, Shree Cement will be removed from the index, the NSE said, adding the changes are part of its periodic review.
Adani Group, controlled by Asia’s richest person Gautam Adani, has several publicly listed companies in sectors including airports and ports, power generation and transmission as well as coal and gas trading.
Adani Enterprises’ inclusion comes at a time when the group company is “deeply overleveraged” and its many investments in capital-intensive businesses could pose long-term risks to investors, Fitch Group’s debt research unit CreditSights said last month.
The group has also been on an acquisition spree in recent months across sectors including renewable energy, power, cement and media, with the latest being its bid to buy a controlling stake in Indian news network NDTV.
