Shares of Shriram Transport Finance rallied 7 percent on the BSE Thursday after MSCI clarified that the company will not be deleted from its index. Global index provider MSCI had announced changes to the MSCI India index, a key benchmark for India-focused overseas funds, which will be effective from June 1.

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The stock rose as much as 7 percent to Rs 720 per share on the BSE. At 10:05 am, the stock was up 2.5 percent at Rs 687.6 as compared to a 1.3 percent, or 421 points, fall in the BSE Sensex at 321,587.

MSCI had announced the addition of six stocks and deletion of five from its Global Standard Index. It later issued a clarification.

The additions include Biocon, Indraprastha Gas, Jubilant Foodworks, Tata Consumer, and Torrent Pharma. Meanwhile, the deletions from their global index include Ashok Leyland, M&M Financial Services, and Tata Power.

It has added 13 and deleted over 50 stocks from the MSCI Global Small Cap Index.

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First Published:May 14, 2020 11:03 AM IST