Ranbaxy, JP Associates to make way for United Spirits, Tech Mahindra in the Nifty

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, February 28, 2014, 8:49 [IST]

Pharma major Ranbaxy, which has been in the midst of several US FDA related issues, will exit the Nifty along with debt laden Jaiprakash Associates.

Tech Mahindra, yet another another tech stock will be added to the Nifty along with United Spirits from March 28. The addition of Tech Mahindra will now increase the weightage of technology stocks in the index.

There has been no rationale offered for the changes, but, Tech Mahindra and United Spirits have been seeing heavy volumes in the last few months. Ranbaxy has seen its share price fall significantly after a number of its plants received US FDA warning letters.

Jaiprakash Associates on the other hand is saddled with debt and its share prices has slumped in the last few years.

The CNX Nifty Junior is also undergoing a change and accordingly Tech Mahindra, United Spirits and IDBI Bank will exit the index and Ranbaxy Laboratories, ING Vysya Bank and Bharti Infratel will be included.

The CNX 100 and the CNX 200 have also undergone changes.

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