Shree Cement share price plunges 15% as it replaces Yes Bank in Nifty50 index in weak market

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Published: March 19, 2020 12:52:37 PM

Yes Bank share price plunged 29 per cent to hit day’s low of Rs 42.80 apiece today. In the previous session, Yes Bank rose 50 per cent in the intraday trade

nifty, nseShree Cement shares were trading 3.08 per cent down at Rs 18,700.05 apiece on National Stock Exchange (NSE)

Shree Cement share price dropped as much as 15 per cent to Rs 16,399.90 apiece in Thursday’s trade on its debut day in Nifty50 index. Shree Cement has replaced Yes Bank in the Nifty 50 index. Bandhan Bank will take the troubled private lender’s place in Nifty Bank index. Earlier, Yes Bank was scheduled to be excluded from the index on March 27, 2020. In the wake of the Yes Bank reconstruction Scheme and other developments in the Bank, NSE Indices’ Index Maintenance Sub-Committee (IMSC) had decided to accelerate the removal of Yes Bank from Nifty 50 and Nifty Bank and also excluded it from other Nifty equity indices as well from March 19.

Shree Cement shares were trading 3.08 per cent down at Rs 18,700.05 apiece on National Stock Exchange (NSE). It had hit an intraday high of Rs 19,458 apiece on NSE in Thursday’s trade. While Yes Bank share price plunged 29 per cent to hit day’s low of Rs 42.80 apiece today. In the previous session, Yes Bank rose 50 per cent in the intraday trade. Yes Bank has risen 142 per cent in the last four trading days after ratings agency Moody’s upgraded the firm’s ratings and on the restructuring plan announcement.

Moreover,the 30-day moratorium and withdrawal cap of Rs 50,000, that was placed by Reserve Bank of India (RBI) on troubled private lender, has been lifted yesterday. Eight companies including State Bank of India (SBI), ICICI Bank, Kotak Mahindra Bank, HDFC Bank and Axis Bank, among others, announced to invest in the troubled bank.

Yes Bank has been excluded from Nifty 100, Nifty 500, Nifty 200, Nifty Bank, Nifty Private Bank, Nifty Services Sector, Nifty High Beta 50, Nifty 50 Value 20 and Nifty 500 Value 50 from today.

Meanwhile, S&P BSE Sensex was trading 816 points or 2.83 per cent down at 28,053, while the broader Nifty 50 index was ruling at 8,205, down 263 points or 3.11 per cent.

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