Sterlite Industries and Steel Authority of India (SAIL) are trading lower by over 1% each in opening trades after the National Stock Exchange of India (NSE) decided to exclude these companies from its benchmark index Nifty 50 with effect from September 28, 2012.
“The pharmaceutical company Lupin and cement firm UltraTech Cement will be included in index in place of these two companies,” NSE said in a release.
State-owned SAIL was added in Nifty 50 in August 2003, in place of Nestle while Sterlite was included on April 2007, in place of Oriental Bank of Commerce.
Sterlite Industries and SAIL are down 1.5% each at Rs 108 and Rs 83.40 respectively.
On the other hands, Lupin is trading higher by 2.3% at Rs 569, while UltraTech Cement up 1% at Rs 1,736 on the NSE.