** Eternal NSE:ETERNAL, formerly known as Zomato, drops 4% to 229 rupees, top pct loser on Nifty 50 NSE:NIFTY
** Jefferies says proposal to convert to Indian owned and controlled company (IOCC), capping foreign ownership to 49.5%, may result in MSCI weight cut
** FPI holding in ETEA may have risen to 46% from 44.8% at the end of March, brokerage says
** If foreign ownership breaches 46.5%, stock will come under MSCI "red flag", notes Jefferies
** Further, if the 49.5% limit is breached, the foreign investor will have to divest their excess holdings to a domestic investor
** A potential MSCI weight cut may lead to $650 mln outflows from ETEA, says Jefferies
** In case of an immediate exclusion from MSCI index, ETEA may see outflow of $1.3 bln, the brokerage firm adds