India, May 24 -- Global index provider FTSE Russell's decision to cut Zomato parent Eternal's investability weighting in its indices may lead to an outflow of INR 3,235 Cr (about $379.8 Mn) from the stock, according to IIFL Capital.

The brokerage firm released its estimate after FTSE Russell reduced the investability weighting of Eternal in its indices to 49.5% from 82.7% earlier.

The index provider cited Eternal's decision to reduce foreign ownership in the company to 49.5% as the reason behind its move.

While announcing its decision to cap foreign ownership last month, Eternal said that becoming an Indian-owned-and-controlled company (IOCC) will help its quick commerce vertical Blinkit transition to an inventory ownership model from ...