Polycab India shares in focus as MSCI defers stock deletion from its indices

Shares of Polycab India Ltd are in focus on Thursday after MSCI deferred the stock's deletion from its indices pending further developments and clarifications from relevant authorities. The decision follows the National Company Law Appellate Tribunal (NCLAT) reserving its judgment on insolvency proceedings. The move defers potential passive outflows linked to the deletion.

MSCI said it will continue to monitor the stock's status on the Insolvency Resolution Process list and any subsequent orders issued by the NCLAT. "MSCI will communicate any further changes, as appropriate," it said.

On October 28, Polycab India said the Principal Bench of the National Company Law Appellate Tribunal (NCLAT), New Delhi, had, through its October 27, 2026 order, directed MSCI not to delist the stock from its indices until the order was pronounced. The company said a copy of the NCLAT order was attached to its filing.

"Since the matter is reserved for orders, we direct that no action as aforesaid be taken by MSCI till we pronounce the order," the order read.

In a filing, MSCI said the National Stock Exchange of India had listed Polycab on its Insolvency Resolution Process board on October 7. On October 9, 2026, the NCLAT stayed Polycab's admission to the Insolvency Resolution Process. On October 27, 2026, the tribunal issued an order reserving judgment.

"Accordingly, MSCI will defer the deletion of POLYCAB INDIA from the MSCI Indexes pending further developments and clarifications from relevant authorities," it said.

Under the MSCI Global Investable Market Indexes (GIMI) Methodology, constituents included on Ineligible Alert Boards are deleted from the MSCI GIMI indices on the last business day of each month, subject to a minimum notice period of two full business days. Polycab is classified as part of an Ineligible Alert Board.