Indiabulls Housing Finance shares drop 8 pc on Nifty replacement

Shares of Indiabulls Housing Finance on Thursday dropped 8 percent as Nestle India will replace the company in the benchmark Nifty 50 index from September 27. The scrip tanked 7.97 percent to Rs 420.80 on the NSE.

Shares of Nestle India, however, rose 2.97 percent to Rs 12,890. Nestle India will replace Indiabulls Housing Finance in the benchmark Nifty 50 index from September 27, the National Stock Exchange (NSE) said on Wednesday.

"The replacement will also be applicable to Nifty 50 Equal Weight Index," the bourse said in a release.