MSCI To Add Paytm, Fortis And Two Other Stocks To India Standard Index, Removes Tata Elxsi, CONCOR

Global index provider MSCI has announced a reshuffle in its India Standard Index as part of its semi-annual review, adding four stocks and removing two. The changes will take effect from the close of trade on November 26, 2025.

Fortis Healthcare, fintech firm Paytm’s parent company One97 Communications, GE Vernova T&D, and Siemens Energy India are the new entrants to the MSCI India Standard Index, while Tata Elxsi and state-run Container Corporation of India (CONCOR) have been dropped and moved to the MSCI India Smallcap Index.

With these revisions, the number of Indian companies in the MSCI Standard Index will rise to 163 from 161, while the country’s weight in the index will increase marginally to 15.6 per cent from 15.5 per cent earlier.

How Much Inflows, Outflows Expected

The MSCI index review is closely tracked by global investors and fund managers, as inclusions typically trigger foreign portfolio inflows from passive funds tracking the MSCI indices, while exclusions tend to prompt outflows.

According to estimates by Nuvama Alternative & Quantitative Research, the four inclusions could together attract inflows between $252 million and $436 million each. Fortis Healthcare is estimated to see the highest inflow of $436 million, followed by Paytm with $424 million, GE Vernova T&D with $351 million, and Siemens Energy India with $252 million. Meanwhile, Tata Elxsi and CONCOR may witness outflows of up to $162 million and $146 million, respectively.

Increase, Decrease In Weight In These Stocks

Among the existing constituents, eight companies are set to see an increase in their weightage in the MSCI India Standard Index. These include Asian Paints, Apollo Hospitals, Lupin, SRF, Suzlon Energy, Yes Bank, Alkem Laboratories, and Jubilant Foodworks. The increase in weightage is expected to bring additional inflows for these counters. Asian Paints is likely to see about $95 million, Apollo Hospitals around $41 million, Lupin about $35 million, SRF around $34 million, Suzlon Energy $30 million, Yes Bank $28 million, Alkem Laboratories $27 million, and Jubilant Foodworks nearly $15 million.

On the other hand, several stocks will see a reduction in their weightage, which could lead to outflows. These include Samvardhana Motherson, Dr Reddy’s Laboratories, REC Ltd, Zydus Lifesciences, Bharat Forge, and Colgate-Palmolive India. According to Nuvama’s estimates, Samvardhana Motherson may see outflows of about $53 million, Dr Reddy’s Laboratories around $51 million, REC close to $47 million, Zydus Lifesciences about $45 million, Bharat Forge $31 million, and Colgate-Palmolive India nearly $29 million.

Inclusions, Exclusions in MSCI India Smallcap Index

In the MSCI India Smallcap Index, ACC, Honeywell Automation, Leela Palaces Hotels, and Blue Jet Healthcare are among the new additions. Several stocks, including Restaurant Brands Asia, Rain Industries, Raymond, Balaji Amines, and Quess Corp, among others, have been excluded.

Several stocks, including Glenmark Pharmaceuticals, 360 One Wam, Hexaware Technologies, KFin Technologies, Tata Technologies, Nazara Technologies, and Jubiliant Ingrevia, among others, will see an increase in their weight.

On the other hand, KPIT Technologies, Kajaria Ceramics, Jupiter Wagons, Granules India, Brorosil Renewables, Tanla Platforms, and Raymond Lifestyle, among others, will see their weight decrease.