MSCI to drop Swiggy from global indices on September 7

Mumbai: Global index providers MSCI and FTSE said on Wednesday they would make changes to Swiggy’s index treatment after the company’s foreign ownership limit (FOL) was lowered to 49.5% from 100%.

MSCI will delete Swiggy from global indices, with the change expected to take effect on September 7. The deletion could result in passive outflows of about $330 million, equivalent to nearly 120 million shares, or around five to six days of average daily volume, according to Nuvama Alternative and Quantitative Research. FTSE announced a change in Swiggy’s ‘investability weight’ following the reduction in its foreign ownership limit. The change will be effective from the start of trading on September 7.