MSCI India index rejig: Fortis, Paytm stocks move up to Standard index; Tata Elxsi, CONCOR shifted to Smallcap

MSCI India Index Review

Global index provider MSCI has upgraded three stocks from its India Smallcap index to India Standard index, and has shifted three stocks from the standard index down to the smallcap index, in its latest November 2025 semi-annual review. The notable reshuffles across the MSCI India Standard and Smallcap indices will take effect after market close on November 24, 2025, MSCI said in a statement.

Three companies' stocks -- Fortis Healthcare, One 97 Communications (Paytm), and GE Vernova T&D India -- have been upgraded from the MSCI India Smallcap Index to the MSCI India Standard Index, reflecting their rising market capitalisation and liquidity. Conversely, Tata Elxsi, Container Corporation of India (CONCOR), and Astral Ltd have been moved down from the Standard Index to the Smallcap Index.

Alongside these moves, MSCI’s India review also saw additions of FSN E-Commerce Ventures (Nykaa), Indian Bank, and Siemens Energy India to the MSCI India Standard Index. In total, six stocks were added and three deleted under this category.

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In the broader smallcap review, seven securities were added and thirty-three were deleted. Among new entrants to the smallcap basket are Blue Jet Healthcare, Honeywell Automation, Leela Palaces Hotels, Thermax, and the three that moved down -- Tata Elxsi, CONCOR, and Astral. The smallcap deletions include Fortis Healthcare, GE Vernova T&D India, and One 97 Communications, which have now advanced to the larger-cap index.

Globally, MSCI’s November 2025 review includes 69 additions and 64 deletions to the MSCI ACWI Index, covering markets from the United States to emerging economies such as China and Indonesia.

MSCI index changes are closely tracked by global investors, particularly passive funds that mirror MSCI benchmarks. Stocks added to the Standard Index often see buying interest from such funds ahead of the effective date, while deletions may face short-term selling pressure as allocations are realigned.

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