Asia Index, a BSE and S&P Dow Jones joint venture, has dropped IDFC Ltd from the BSE indices on account of demerger of its banking business into IDFC Bank from October 1.
At the same time, the index provider would also exclude IT firm CMC Ltd from the indices as the firm would merge with Tata Consultancy Services on September 30.
"IDFC Ltd is undergoing a demerger of its banking business effective October 1 2015, which necessitates its exclusion from the...Indices," a statement said today.
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In all, IDFC would be excluded from ten indices including S&P BSE 100, S&P BSE 200, S&P BSE 500, S&P BSE AllCap and S&P BSE Finance.
Indiabulls Housing Finance would replace IDFC on the S&P BSE 100, while Rajesh Exports and Inox Wind would replace it on S&P BSE 200 and S&P BSE 500, respectively.
Similarly, Asia Index also said that "CMC is undergoing a merger with TCS effective September 2015, which necessitates its exclusion from the indices".
These are -- S&P BSE 500, S&P BSE AllCap, S&P BSE Information Technology, S&P BSE MidSmallCap, S&P BSE SmallCap and S&P BSE SmallCap Select Index.
VRL Logistics would replace CMC on S&P BSE 500 effective from September 30.
With the demerger of financial undertaking from IDFC Ltd, IDFC Bank will kick-start its lending operations from October 1, 2015.
