Shares of realty major DLF and Jindal Steel & Power today witnessed selling pressure on the announcement that both the firms will be dropped from the National Stock Exchange’s benchmark index Nifty from March 27.
Jindal Steel & Power tumbled 4 per cent to Rs 186.45 on the NSE. Similarly, DLF’s scrip fell by 2.6 per cent to Rs 147.40.
Telecom firm Idea Cellular and private sector lender Yes Bank would be included in the 50-share benchmark index.
Following this, shares of Idea Cellular gained 2.45 per cent to Rs 154.65 and Yes Bank rose by 2 per cent to Rs 841.80 on the NSE.
India Index Services & Products Ltd, which maintains the Nifty index, had in a statement on Friday said DLF and Jindal Steel & Power Ltd (JSPL) would be excluded from the 50-share benchmark index with effect from March 27.
DLF and JSPL would also be excluded from the CNX 100 Index and would be replaced by Indiabulls Housing Finance and United Spirits Ltd.