Shares of Idea Cellular and BHEL fell by up to six per cent on Friday as these companies will move out of National Stock Exchange's (NSE's) Nifty 50 index from March 31.
Reacting to the exclusion, the scrip of Idea tumbled 5.74 per cent to Rs 101.65, while that of BHEL went lower by 2.47 per cent to Rs 149.55 on NSE.
Indiabulls Housing Finance and Indian Oil Corporation (IOC) will take their slots in the index.
Indiabulls Housing surged six per cent to Rs 882.50 and IOC 2.81 per cent to Rs 386.55.
The changes, as announced by Indian Index Services and Product, an arm of NSE, will be effective March 31, 2017.
Apart from Nifty 50, the exchange has made changes to several indices, including Nifty 500, Nifty 100, Nifty Midcap 50, Nifty Smallcap 250 and Nifty Next 50.