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S&P Dow Jones is knocking Adani Enterprises off its sustainability index

The India flag in front of the Adani Group headquarters in Ahmedabad, India, on Wednesday, Feb. 1, 2023.
Dhiraj Singh | Bloomberg | Getty Images

Adani Enterprisesannouncement.

“Adani Enterprises will be removed from the Dow Jones Sustainability Indices following a Media & Stakeholder Analysis triggered by allegations of stock manipulation and accounting fraud,” it said in a one-line notice.

Adani Enterprises was added to the Dow Jones Sustainability Emerging Markets Index as of Dec. 19, 2022, according to a list of components on S&P Global’s website.

Adani did not respond to CNBC’s request for comment. Shares traded 30% lower during Mumbai’s trading session on Friday.

The Dow Jones Sustainability Indices (DJSI) rank companies in 61 industries, scoring them based on their responses to questionnaires called the S&P Global Corporate Sustainability Assessment.

The indices serve as benchmarks for investors who “integrate sustainability considerations into their portfolios,” according to the S&P Global website. They are designed to serve as an “effective engagement platform for investors who wish to encourage companies to improve their corporate sustainability practices.”

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