Shares of SAIL and Vedanta group firm Sterlite Industries today fell by about 2 per cent following the announcement that the two companies are being moved out of the National Stock Exchange’s benchmark index Nifty.
After making a sluggish opening, shares of SAIL fell 1.47 per cent to Rs 83.35, while Sterlite slipped 1.50 per cent to Rs 108.10 on the NSE.
These stocks would be replaced by Birla group firm UltraTech and drugmaker Lupin.
UltraTech gained 1 per cent, while shares of Lupin jumped 2.5 per cent in early trade.
According to the changes announced yesterday by India Index Services & Products Ltd (IISL), an NSE-Crisil joint venture that maintains Nifty index, SAIL and Sterlite Industries (India) would be excluded from the 50-share benchmark index with effect from September 28, 2012.