Polaris slips on exclusion from S&P BSE 500 index

Polaris Financial Technology lost 4.74% at Rs 250 at 14:24 IST on BSE after the stock was replaced from S&P BSE 500 index with National Buildings Construction Company.

Shares of National Buildings Construction Company (NBCC) were off 3.73% at Rs 643.05.

Meanwhile, the S&P BSE Sensex was down 214.17 points or 0.81% at 26,353.82.

On BSE, so far 3.59 lakh shares were traded in the counter as against average daily volume of 8.12 lakh shares in the past two weeks.

The stock hit a high of Rs 269.85 and a low of Rs 250 so far during the day.

Polaris Financial Technology (Polaris) is undergoing a de-merger with effect from Thursday, 9 October 2014, necessitating its exclusion from S&P BSE 500 index. NBCC will replace Polaris in S&P BSE 500 index, as per the notice dated 1 October 2014, from the Bombay Stock Exchange (BSE). Also Polaris was excluded from S&P BSE Small-Cap index.

Polaris Financial Technology's consolidated net profit fell 15.61% to Rs 38.32 crore on 7.04% decline in income from operations to Rs 600.03 crore in Q1 June 2014 over Q4 March 2014.

Polaris Financial Technology is a global leader in financial technology for banking, insurance and other financial services.

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