The controversy around Adani Group and the subsequent meltdown in the stock market have dragged down India’s weightage in MSCI’s emerging-market benchmark.

Taiwan’s weighting in the MSCI Emerging Markets Index rose to 14.2 per cent, behind leader China’s at 31.2 per cent, while India’s fell to the third spot with 13 per cent, according to Bloomberg-compiled data. India had overtaken Taiwan in August to claim the second spot.

This comes even as MSCI said last week it has sought feedback on Adani Group securities after a report by US-based investment research firm Hindenburg alleges stock manipulation and accounting fraud by the conglomerate.

The index provider said it is aware of the reports recently published regarding the Adani Group and its associated securities. At present, there are eight Adani Group & Associates companies that are part of the MSCI Standard Index.