Indiabulls Housing slumps 8%, hits 52-wk low on Nifty rejig; Nestle up 3%

Shares of Indiabulls Housing Finance cracked 8 per cent on the National Stock Exchange (NSE) in Thursday's early morning trade after it was announced that the company will be excluded from the benchmark index Nifty50, with effect from September 27. The stock has fallen below its previous low of Rs 425 hit on August 8 in intra-day trade.

The troubled non-banking finance company will be replaced by the multinational fast-moving consumer goods company Nestle India in the broader index.

Indiabulls Housing could see exchange-traded funds (ETF) selling of above Rs 300 crore, further weighing on its stock price