Four stocks exiting MSCI's global standard indices from today, 26 November 2013, fell by 4.78% to 7.96% at 15:30 IST on BSE.
Unitech (down 7.96%), Canara Bank (down 5.72%), Bank of India (down 4.9%) and Wockhardt (down 4.78%), edged lower.
Nestle India was down 2.33%. Tech Mahindra was up 2.96% and YES Bank was up 2.98%.
The BSE Sensex was down 203.01 points, or 0.99% at 20,402.07.
The Morgan Stanley Capital International (MSCI) will drop shares of Bank of India, Canara Bank, Wockhardt and Unitech from its MSCI India index. However, Nestle India, Tech Mahindra and YES Bank will be included in the index.
All the changes will be effective as of the close of trade today, 26 November 2013.
MSCI Barra is a leading provider of benchmark indices and risk management analytics products. Many global mutual funds are linked with MSCI indices. Hence, deletion of a stock from the MSCI index leads to outflow of passive funds that use the MSCI index to benchmark their portfolios.
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