BENGALURU (Reuters) – Non-banking finance firm Shriram Finance will replace agrochemical company UPL on the blue-chip Nifty 50 index, effective March 28, the National Stock Exchange of India said on Wednesday.
The change is part of a periodic review of broad market indices.
UPL has been removed from the blue-chip index after its exclusion from the Nifty 100, a parent index for the Nifty 50, the NSE said in a statement.
Shriram Finance has the highest six-month average free-float market capitalization among all stocks eligible to replace UPL, the statement said.
Shares of Shriram Finance rose as much as 2.8% in the day before closing 1% lower in a weak market. UPL closed down 1.8%.
(Reporting by Indranil Sarkar in Bengaluru; Editing by Shilpi Majumdar)
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