MSCI's ESG Controversies scoring and flagging system alerts investors to potential reputational risks, according to a factsheet produced by the agency.

"Across various Adani Group entities, MSCI ESG Research has identified issues relating to governance, board independence, related party transactions, and controlling shareholders," the company said, adding that it took its most recent action on March 9.

(Reporting by Rodrigo Campos and Isla Binnie; Editing by Leslie Adler)