Indiabulls Housing Finance share price crashes on Nifty exit blues; Nestle India soars to 52-week high

By: |
Updated: August 29, 2019 12:59:31 PM

Shares of Indiabulls Housing Finance plunged on Thursday morning even as the shares are set to be replaced in Nifty50 by Nestle India.

Nestle India shares soared to a fresh 52-week high of Rs 12,887 on NSE.

Shares of Indiabulls Housing Finance plunged on Thursday morning even as the shares are set to be replaced on Nifty by Nestle India. Indiabulls Housing Finance shares plunged by more than8% to hit the day’s low at Rs 420.80 on NSE. Notably, FMCG major Nestle India will replace the NBFC stock in the leading gauge effective September 27, 2019. The replacement is also applicable to Nifty50 Equal Weight Index, according to NSE. Nestle India share price gained 3% to hit the day’s high at Rs 12,890 on NSE. Indiabulls Housing Finance shared have corrected by more than 60% from their 52-week high levels of Rs 1,298.80 hit on August 28th last year. Meanwhile, Nestle India shares soared to a fresh 52-week high of Rs 12,887. 

Also read: Yes Bank shares extend decline after Moody’s downgrade, down 7%

Notably, the Nifty is reconstituted twice a year, in January and then in July. The replacement of stocks (in case there is any) is implemented from the first working day of futures and options (F&O) series of April and October. Last time around, shares of buiscuit manufacturer Britannia Industries replaced HPCL on the exchanges. Apart from the above change, shares of ABB India, BHEL, MRF and SAIL are being excluded from Nifty Next50.

Check live stock price: Indiabulls Housing Finance, Nestle India

Earlier, the NSE had revised the rules for inclusion of scrips into Nifty. According to the revised criteria, all equity shares that are traded (listed and traded as well as those not listed but permitted to trade on the exchange) are eligible for inclusion in the Nifty indices. Nestle India’s inclusion into the index assumes significance as the inclusion into Nifty comes after the latest tweaks. Apart from Nestle India,  Abbott India, Bayer, Cropscience, Multi Commodity Exchange of India are not listed on NSE but are traded in the permitted to trade segment, and will now eligible to be a part of the Nifty indices.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.