Global index provider MSCI has included Hyundai Motor India in its Global Standard Index and removed Adani Green Energy from the measure as part of its February review. The changes, announced on Wednesday, will take effect after market close on February 28.

Hyundai India launched its initial public offering (IPO) in October, raising INR 27,870 crore, making it the largest IPO in Indian stock market history. The stock is currently trading about 7.7% lower than its offer price of INR 1,960.

The weights of IndusInd Bank, Zomato, Varun Beverages, Mankind Pharma, Torrent Pharmaceuticals, Dixon Technologies, PB Fintech, Adani Enterprises, and Voltas have increased in the MSCI Standard Index.

According to Abhilash Pagaria of Nuvama Alternative & Quantitative Research, India's weight in the Emerging Markets (EM) index, currently around 18.8%, is expected to rise to 19% by the adjustment date. This will result in net passive inflows of USD 850 million to USD 1 billion, primarily led by Hyundai's inclusion and an increase in IndusInd Bank's weight, he said. Meanwhile, stocks such as Adani Green Energy, Reliance Industries, HDFC Bank, Infosys, ICICI Bank, and Bharti Airtel will see a reduction in their weights.