Russian Grids, Mechel, NLMK Tumble on MSCI Removal: Moscow Mover
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OAO Russian Grids, OAO Novolipetsk Steel and OAO Mechel dropped after MSCI Inc. excluded the stocks from its Russia Index.
Russian Grids was removed from the index along with Novolipetsk’s GDRs and Mechel’s ADRs as part of MSCI’s semi-annual rebalancing, according to a statement after the market close yesterday. Funds that track the MSCI indexes readjust their portfolios based on the changes, which take effect June 3.