The Bombay Stock Exchange (BSE) has decided to drop Transport Corporation of India (TCI) from its indices from August 26, as the logistics firm is demerging its express distribution business into a wholly-owned subsidiary.
The company will be shifted out of the S&P BSE 500, S&P BSE AllCap, S&P BSE Industrials, S&P BSE MidSmallCap and S&P BSE SmallCap.
"Transport Corporation of India is demerging its express distribution business effective August 26, 2016," the BSE said in a statement.
"Effective at the open of Friday, August 26, changes will be made to the indices," it added.
Last year, TCI's board had approved the demerger of its express distribution division undertaking into wholly-owned subsidiary TCI Express Ltd.
The company would be replaced by Infibeam Incorporation Ltd. on S&P BSE 500.
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