The Indian conglomerate Adani Enterprises has been removed from S&P Dow Jones’ sustainability index in the wake of the company’s recent stock rout.

Adani Enterprises, owned by billionaire Gautam Adani, has seen its stock value drop by $100 billion in just a few days. The company has been facing intense scrutiny from investors and analysts due to its environmental record and its numerous legal battles.

The S&P Dow Jones sustainability index is a benchmark for companies that are seen as being socially responsible and environmentally conscious. The index is used by investors to make decisions on which companies to invest in.

The recent stock rout has been attributed to the withdrawal of a follow-on public offering (FPO) from Adani Enterprises. The FPO was meant to raise money for the company’s coal mining project in Australia, which has been a source of controversy due to its potential environmental impacts.

In addition, Hindenburg Research, a short-seller, has accused Adani of inflating its profits and misleading investors. The research firm has threatened to sue the company, but has not followed through on its threat.

The crisis has sparked a debate about the future of Adani Enterprises and its environmental record. While some investors have pulled out of the company, others are standing by it.

The Adani crisis has been a major topic of discussion in the financial world, with many analysts and investors trying to make sense of the situation. It remains to be seen how the company will fare in the future.