MSCI drops Axis Bank, adds M&M Fin Services

Shares of Axis Bank plunge 8.23%, end at Rs 1,055.40 on BSE

The MSCI (Morgan Stanley Capital International) Global Standard Indices will see the deletion of Axis Bank with effect from September 2, 2013.
     
The deletion from MSCI's standard and large cap indexes is pursuant to yesterday's announcement and part of its quarterly index review.
     
Reacting to the news of its deletion, shares of Axis Bank plunged 8.23 per cent to close at Rs 1,055.40 on the BSE. In intra-day trade, the stock had lost 8.69 per cent to Rs 1,050.

     
The index provider has added Mahindra and Mahindra Financial Services to its India index, effective from close of August 30, as per a statement dated August 14.
 

     
Shares of Mahindra and Mahindra Financial Services ended flat 0.06 per cent lower at Rs 254.7.
     
MSCI is a leading provider of benchmark indices globally.