BackWipro, Siemens to be excluded from Nifty from 1 April
Wipro, Siemens will be replaced by IndusInd Bank and NMDC on the Nifty; MSCI says Maruti Suzkui India to be removed from the MSCI India Index
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(Hemant Mishra/Mint)
Mumbai: Software services company Wipro Ltd and engineering goods maker Siemens Ltd will be removed from the National Stock Exchange’s (NSE) benchmark 50-share Nifty index from 1 April, India Index Services and Products Ltd said in a statement, adding the change is part of a periodic review.
India Index Services and Products is a joint venture between NSE and rating firm Crisil Ltd that maintains the index.
Wipro and Siemens will be replaced by IndusInd Bank Ltd and NMDC Ltd on the Nifty.
Wipro is in the process of hiving off its non-information technology businesses into a non-listed company to focus on software services and products, its main business.
“A corporate action like our demerger of a listed company would generally result in a short term withdrawal of the scrip from the index as it has been happening in the past where such corporate action had been initiated. We expect restoration of the same on completion of the corporate action, which we expect to conclude in the next few months," Wipro said in a statement.
At 2.17pm, Wipro was down 2.63% at ₹ 398.70, while Siemens shed 4.06% to ₹ 580.05 on the NSE. IndusInd Bank rose 0.50% at ₹ 442.85 and NMDC gained 0.92% to ₹ 148.15. The Nifty fell 0.31% to 5,914.40 points at 2.24pm.
Maruti Suzkui India Ltd will be removed from the MSCI India Index from 28 February, MSCI said in a release. It will not be replaced by any other scrip.
Maruti shares fell 2.36% on the NSE to ₹ 1,496.35 at 2.17pm.
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