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Shree Cements Shares Fall 15% On Nifty 50 Debut
After the Nifty 50 constituent Yes Bank is taken over by Shree Cements on the index, the stock sinks as much as 15% to hit an intra-day low of Rs. 16399.90 per share as against its previous close of Rs. 19293.95 on the NSE.
It is the lowest price recorded since 2019. On February 7, the stock recorded a 52-week high of Rs. 25355 per share. Amid continuing sell-off in the markets triggered by coronavirus pandemic, the stock has been on a losing streak for the fourth consecutive day today.
Notably amid developments around the Yes Bank, on March 16, 2020, the NSE came up with a release stating that its Index Maintenance Sub-Committee (IMSC) wishes to expedite the removal of Yes Bank from all Nifty indices from March 19, 2020.
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