HDFC Life Insurance will replace Vedanta in the benchmark Nifty 50 index from 31 July 2020.
Shares of HDFC Life Insurance were up 2.38% at Rs 561 on NSE.Shares of Vedanta were down 0.52% at Rs 105.85 on NSE.
Vedanta has been replaced from 11 indices, including the Nifty 50, Nifty 500, Nifty 100, Nifty Large Midcap 250 and Nifty 200, among others. The replacement comes after Vedanta initiated delisting process from bourses last month.
Last month, Vedanta announced that the special resolution for voluntary delisting of the equity shares from BSE and NSE has been approved by the members with requisite majority. While 93.34% of the votes were in favour of the proposal, 6.65% were against it, the filing said. The proposal required approval of at least 66.7% of minority shareholders.
Meanwhile, SBI Cards and Payments (up 0.86%) will replace HDFC Life Insurance in Nifty Next 50 index.
Further, the Government-owned Mishra Dhatu Nigam (down 0.42%) will replace Vedanta in Nifty Metal index while Coromandel International will take Vedanta's place in Nifty Commodities.
HDFC Life Insurance Company provides various individual and group insurance solutions across India.
Vedanta, a subsidiary of VRL, is one of the world's leading diversified natural resource companies with business operations in India, South Africa, Namibia and Australia.
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