BSE shares fell as much as 1.71 per cent to Rs 3,534.60 apiece on August 11, after gaining nearly 4 per cent in the previous session following the announcement of its entry into the Nifty 50.
Nifty Rejig: Why BSE Made The Cut While TVS Motor And Divi’s Laboratories Missed Out
Nifty Rejig: BSE cleared the key 1.5-times free-float market-cap threshold to enter the Nifty 50, while TVS Motor and Divi’s Laboratories failed to meet the requirement for replacing Wipro
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Wipro shares, which will make way for BSE in the benchmark, traded marginally higher above the Rs 185 level after losing nearly 1 per cent in the previous session.
The rejig will take effect from September 30, after the close of trading on September 29, according to NSE Indices.
The Number That Put BSE Ahead
BSE's six-month average free-float market capitalisation stood at Rs 1,40,879 crore, compared with Rs 55,930 crore for Wipro.
That gave BSE more than 2.5 times Wipro's free-float market capitalisation, comfortably above the 1.5-times threshold required for a new stock to replace the smallest Nifty 50 constituent.
Wipro was the smallest Nifty 50 constituent on this measure, making it the stock that could be replaced under the index methodology.
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