Yes Bank to be dropped from Nifty 50 from Mar 27; Shree Cement to move inPTI | New Delhi | Updated: 18-02-2020 18:32 IST | Created: 18-02-2020 18:31 IST
Shree Cement will replace private lender Yes Bank in the benchmark index Nifty 50 from March 27, NSE Indices, a subsidiary of the National Stock Exchange (NSE), said on Tuesday. Further, Vodafone Idea, Ashok Leyland, Indiabulls Housing Finance, L&T Finance Holdings and Shree Cement will be dropped from Nifty Next 50, NSE Indices said in a statement.
Adani Transmission, IDBI Bank, Info Edge (India) Ltd, Larsen & Toubro Infotech and Torrent Pharmaceuticals would be added in Nifty Next 50 index. Changes have been made in several indices including Nifty 500, Nifty 200, Nifty 100, Nifty Midcap 150, Nifty Smallcap 250 and host of sectoral indices including FMCG, IT, media, pharma, commodities and services sector.
NSE Indices' Index Maintenance Sub-Committee has decided to make the replacement of stocks in various indices as part of its periodic review. These changes would become effective from March 27, 2020. Also, NSE Indices has revised the eligibility criteria for inclusion in Nifty's 17 sectoral indices.
Under the new criteria, companies should be a part of Nifty 500 at the time of review. In case, the number of eligible stocks representing a particular sector within Nifty 500 falls below 10, then deficit number of stocks shall be selected from the universe of stocks ranked within top 800 based on both average daily turnover and average daily full market capitalisation based on previous six months period data used for index.
At present, companies need to rank within top 800 based on both average daily turnover and average daily full market capitalisation based on previous six months period data for inclusion in the indices.