(Bloomberg)--United Co. Rusal, the world’s biggest aluminum producer, declined in Hong Kong trading after the stock wasn’t included in the MSCI Russia Index.

Rusal fell as much as 5.5 percent after MSCI Inc. said it didn’t make any changes to the index in its February review. On Feb. 7, Rusal’s shares jumped to the highest since their debut on Jan. 27, 2010, on speculation the Moscow-based company would join the index, UralSib Financial Corp. said at the time.

The aluminum producer may still be included in the index from May 16 after MSCI measures the liquidity of the company’s Russian depositary receipts, VTB Capital said by e-mail today.

Rusal slid 34 cents, or 2.7 percent, to HK$12.48 by the 4 p.m. close of Hong Kong trading, the biggest drop since Jan. 21.