"These changes shall become effective from April 2, 2018 (close of March 28, 2018), IISL said in a notice.
The bank's stock has been battered in the past few trading sessions following the revelations of the Rs 114 billion fraud at PNB involving billionaire jeweller Nirav Modi and others.
That apart, Seven companies Bajaj Finserv, Tata Power, Titan Company, GlaxoSmithkline Consumer Healthcare, GlaxoSmithKline Pharmaceuticals, Glenmark Pharmaceuticals and Torrent Pharmaceuticals would be excluded from Nifty Next 50 index.
These firms would be replaced by Aditya Birla Capital, Ambuja Cements, Aurobindo Pharma, Bosch, General Insurance Corporation of India, L&T Finance Holdings and SBI Life Insurance Company.
Further, changes have been announced in Nifty 500, Nifty 200, Nifty 100, Nifty Midcap 150 and Nifty Smallcap 250 among others.