Apollo Hospitals Enterprise Ltd will replace Indian Oil Corporation Ltd from National Stock Exchange’s benchmark index Nifty 50 from March 31.
The Index Maintenance Sub-Committee Equity (IMSC) of NSE Indices Limited has decided to make it a part of its periodic review, according to a press release on Thursday.
Apart from Nifty 50, changes have been announced in several indices including Nifty Next 50.
One 97 Communication, owner of Paytm; FSN E-Commerce Ventures, which runs online marketplace Nykaa, Zomato Ltd, Indian Oil Corporation Ltd, MindTree Ltd, and SRF Ltd will find a place in Nifty Next 50.
Apollo Hospitals Enterprise, Aurobindo Pharma, Hindustan Petroleum Corporation Ltd, Indraprastha Gas Ltd, Jindal Steel & Power Ltd, and Yes Bank will be excluded from Nifty Next 50.
These changes will become effective from March 31 (close of March 30).
Besides, NSE Indices has revised the eligibility criteria for the inclusion of stocks in Nifty equity indices.
The minimum listing history requirement in case of a new listing, and companies traded subsequent to the scheme of arrangement for corporate events has also been changed to one month from three months.
The change in eligibility criteria would be applicable with immediate effect to all Nifty equity indices, which currently mandates a requirement of a minimum of three months of listing for inclusion in the index.