Shares of Wipro and Siemens are trading lower by around 3% each on the National Stock Exchange (NSE) after the exchange has decided to exclude these companies from its benchmark index Nifty from April 1.
“Wipro and Siemens would be replaced by IndusInd Bank and state-run NMDC on the 50-share benchmark index with effect from April 1, 2013,”NSE said in a statement.
Siemens is trading lower by 2.8% at Rs 588 after hitting high of Rs 605 on NSE. The stock opened at Rs 602 and hit a 52-week low of Rs 586 so far. A combined 144,934 shares have changed hands on the counter so far on NSE and BSE.
Wipro too, is down by 2.7% at Rs 398 on NSE at 1134 hours. The stock opened at Rs 405 and hit a low of Rs 396 so far.
Information technology major Wipro said that exclusion from NSE on demerger of non-IT business.
"A corporate action like demerger of a listed company would generally result in a short-term withdrawal of the scrip from the index, as has been happening in the past where such corporate action had been initiated. We expect restoration of the same on completion of the corporate action, which we expect to conclude in the next few months," Bangalore-based Wipro said in a statement.
Meanwhile, NMDC is trading higher by 1.5% at Rs 149 and IndusInd Bank by 1% at Rs 447 after both stocks will be part of the Nifty from April 1.
“Wipro and Siemens would be replaced by IndusInd Bank and state-run NMDC on the 50-share benchmark index with effect from April 1, 2013,”NSE said in a statement.
Siemens is trading lower by 2.8% at Rs 588 after hitting high of Rs 605 on NSE. The stock opened at Rs 602 and hit a 52-week low of Rs 586 so far. A combined 144,934 shares have changed hands on the counter so far on NSE and BSE.
Wipro too, is down by 2.7% at Rs 398 on NSE at 1134 hours. The stock opened at Rs 405 and hit a low of Rs 396 so far.
Information technology major Wipro said that exclusion from NSE on demerger of non-IT business.
"A corporate action like demerger of a listed company would generally result in a short-term withdrawal of the scrip from the index, as has been happening in the past where such corporate action had been initiated. We expect restoration of the same on completion of the corporate action, which we expect to conclude in the next few months," Bangalore-based Wipro said in a statement.
Meanwhile, NMDC is trading higher by 1.5% at Rs 149 and IndusInd Bank by 1% at Rs 447 after both stocks will be part of the Nifty from April 1.
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