Business
India's Zomato parent Eternal falls on likely outflows from MSCI weight cut
India's Zomato parent Eternal falls on likely outflows from MSCI weight cut
About this update from Eternal Limited
** Shares of Zomato-parent Eternal NSE:ETERNAL fall 1.2% to 318 rupees** MSCI to reduce ETEA's weight in the flagship MSCI Global Standard index, leading to outflows of up to $607 million, as per IIFL Alternate Desk** Co's weight was expected to be lowered amid its proposal to convert to Indian owned and controlled company (IOCC), capping foreign ownership to 49.5%** MSCI has included rival Swiggy NSE:SWIGGY to the index** Co expected to get inflows worth up to $289 million - IIFL Alternate Desk data** Thirty-one analysts covering the stock have a "buy" rating on average; median PT is 320.50 rupees - data compiled by LSEG** Stock up ~15% YTD