Shares of Polycab India Ltd are in focus today after MSCI announced it would defer the stock's deletion from its widely tracked indices. The decision comes in the wake of an order issued by the National Company Law Appellate Tribunal (NCLAT), which reserved its judgment on ongoing insolvency proceedings involving the company.
The NCLAT's Principal Bench in New Delhi, through its October 27, 2026, order, explicitly directed MSCI not to delist Polycab India from its indices until the tribunal pronounces its final order. This move is significant as it temporarily prevents potential passive outflows of funds that would typically occur when a stock is removed from such major indices.
MSCI Monitors Polycab India Status
MSCI confirmed it would continue to closely monitor Polycab India's status on the Insolvency Resolution Process list. The index provider also stated its intention to observe any subsequent orders or clarifications issued by the NCLAT, promising to communicate any further changes as appropriate.
The sequence of events leading to this deferral began when the National Stock Exchange of India (NSE) listed Polycab on its Insolvency Resolution Process board on October 7. Subsequently, on October 9, 2026, the NCLAT stayed Polycab's admission to this process. The tribunal then issued its October 27 order, reserving judgment on the matter.
Impact on Global Investable Market Indexes
Under the MSCI Global Investable Market Indexes (GIMI) Methodology, constituents classified as part of an “Ineligible Alert Board” are typically deleted from the MSCI GIMI indices on the last business day of each month, provided a minimum notice period of two full business days is met. Polycab India had been classified under such an alert board.
However, the NCLAT's directive has prompted MSCI to defer the deletion, ensuring the stock remains in its indices for the time being. This development provides a temporary reprieve for Polycab India and its investors, pending the NCLAT's final ruling on the insolvency proceedings.