Index provider Morgan Stanley Capital International (MSCI) said on Thursday it was reviewing the free-float status of Adani Group securities after market participants raised worries about the eligibility of entities in the Indian conglomerate for some of its indexes.

“Morgan Stanley has received feedback from a range of market participants concerning the eligibility and free float determination of specific securities associated with the Adani Group for the MSCI Global Investable Market Indexes (GIMI),” it said in a statement.

According to MSCI, the percentage of outstanding shares that are available for purchase on the public stock markets by foreign investors is known as the free float of a security.

According to our methodology, certain investors should no longer be classified as free float, according to MSCI's determination that their features have enough unpredictability.

"This finding has prompted a reassessment of the Adani Group securities' free float,"

An inquiry for comment from Reuters did not receive a prompt response from Adani Group.

Following allegations of unlawful use of offshore tax havens and stock manipulation by the conglomerate by U.S.-based short-seller Hindenburg Research, the value of seven significant Adani companies has dropped by at least a combined $110 billion.

The Adani Group has disputed the accusations and said it did nothing wrong.

The Adani assessment would be conducted as part of MSCI's customary February review, the company stated. That study's findings were scheduled for release later on Thursday.

As the sell-off crisis gripped Adani, the index provider stated in late January that it was looking for feedback from market parties.

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