Adani Group stocks lost approximately 1.4 trillion rupees, or about $15 billion, on Monday in their steepest single-day decline in roughly 21 months. Adani Enterprises fell nearly 8% intraday, while Adani Energy Solutions and Adani Green Energy dropped about 7.4% and 7%, respectively. The selloff coincided with MSCI’s August 2026 review, whose changes took effect on September 1 after index-tracking funds completed trades by the August 31 close. The reshuffle added Laurus Labs, Lenskart, Adani Energy Solutions and Groww, removed Balkrishna Industries, SBI Cards and Astral, increased Adani Enterprises’ weight and reduced Reliance Industries’ representation. India’s newly introduced Closing Auction Session, which debuted on August 3, processed an estimated $4 billion in trades and faced its first major test during a concentrated index rebalance. Analysts estimated about $310 million of passive inflows for Adani Energy Solutions and $202 million for Adani Enterprises, but selling overwhelmed that expected demand. MSCI’s continuing scrutiny of Adani companies’ free-float calculations, intensified after Hindenburg Research’s January 2023 allegations of stock manipulation and accounting fraud, remains a key factor in future index reviews. Adani denied those allegations.