HDFC Life insurance will now no longer be a part of NIFTY next 50 index. Its position will now be taken by SBI cards and payment services. Vedanta will also step down from its position in nifty 100, Nifty 500, Nifty Large midcap 250, Nifty 200. It will also be replaced by SBI card in all these indexes.
Vedanta will now not be seen in Nifty Metal, NIFTY 500 Value 50, NIFTY 50 value 20, NIFTY MNC and NIFTY Commodities. Its position would be replaced by Mishra dhatu Nigam, SJVN, Hindalco, Nippon life Insta Asset management and Coramandel international, in the same order.
HDFC – Previously billionaire Anil Agarwal proposed his plans to delist the company by purchasing the balance of 49.9% shareholding held by the public. Currently, Vedanta resources ownes 50.1 percent share in total value. The plan to delay the company was approved by the board in the meeting conducted on May 18.
HDFC Life insurance co. Ltd. Is all set to replace Vedanta Limited in the Nifty 50. This is due to the voluntary delisting of the company by Anil Agarwal. The replacement would be seen with effect from July 31 and would also be applicable to Nifty 50 equal weight index.
On Thursday, shares of HDFC Life decreased 0.23 percent to settle at rupees 548.40 per share on the National stock exchange. At the same time, Vedanta dropped to Rs. 106.75 by 0.88%.