By Shashwat Chauhan

Nov 21 (Reuters) -A gauge of emerging market stocks fell on Thursday, as heavyweight Indian shares lost ground after companies linked to billionaire Gautam Adani slid, while most currencies were broadly lower amid an uncertain geopolitical climate.

MSCI's index for emerging market equities .MSCIEF slipped 0.7% as of 0941 GMT, with shares in India .NSEI amongst the worst hit, last down about 0.8%.

India's Adani Group companies lost as much as $34 billion in combined market value after the conglomerate's billionaire chairman Gautam Adani was indicted by U.S. prosecutors for his alleged role in a $265 million scheme to bribe Indian officials. The group said that the allegations were "baseless and denied."

"A near-term sell-off may occur, driven by concerns over governance and regulatory scrutiny," said Manish Bhargava, CEO of Straits Investment Management.

"However, the broader impact on the Indian stock market will hinge on whether these allegations are perceived as isolated to the Adani Group or indicative of systemic issues."

South Africa's rand ZAR=D3 slipped 0.2% ahead of a local interest rate decision. The central bank is widely expected to cut rates by 25 basis points, an expectation buttressed by a surprise drop in inflation last month.

Turkey's lira TRYTOM=D3 lost 0.3% in the lead-up to the country's own interest rate verdict later in the day. Economists polled by Reuters expect a rate cut only in December or January.

Risk sentiment has been fragile this week as brimming tensions between Russia and Ukraine kept investors on edge, with emerging market currencies, generally considered as risky, under pressure.

Russia launched an intercontinental ballistic missile during an attack on Ukraine, Kyiv's air force said, the first time it has used such a powerful, long-range missile during the war.

Assets of neighbouring countries in the Central Eastern Europe (CEE) regions have taken a hit this week, with Hungary's forint EURHUF= continuing its slide, down 0.5% against the euro.

"(The decline in CEE assets) is necessary posturing before a peace process begins, and it's quite unpleasant from a market perspective," said Fergus Argyle, portfolio manager at New Capital Emerging Markets Future Leaders Fund.

EM currencies .MIEM00000CUS slipped 0.2% while the dollar remained firmed as markets awaited more clarity on U.S. President-elect Donald Trump's proposed policies amid an uncertain outlook for interest rates. FRX/

Back in Asia, the tech-heavy South Korean and Taiwanese bourses closed lower after U.S. chipmaker Nvidia's NVDA.O revenue forecast failed to lift sentiment.

HIGHLIGHTS:

** Sri Lanka expects IMF staff level agreement on Friday to release further bailout funds

** Rwanda's central bank holds its key lending rate at 6.5%

Reporting by Shashwat Chauhan and Bansari Mayur Kamdar in Bengaluru; Editing by Savio D'Souza

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For CENTRAL EUROPE market report, see CEE/
For TURKISH market report, see .IS
For RUSSIAN market report, see RU/RUB