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.
Shree Cements Hit 52-Week Low On Nifty 50 Debut
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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