Indiabulls Housing Finance Shares Plunge 8% After Nifty50 Exclusion

Indiabulls Housing Finance shares fell nearly 8 per cent to hit a new 52-week low on Thursday after the National Stock Exchange (NSE) decided to exclude it from the benchmark index Nifty50. The replacement of Indiabulls Housing Finance shares with Nestle India on the Nifty50 index will come into force on September 27, the bourse said in a statement. On the Bombay Stock Exchange (BSE), Indiabulls Housing Finance shares fell as much as 7.87 per cent to log a fresh 52-week low of Rs 421.10 apiece.

On the National Stock Exchange (NSE), the Indiabulls Housing Finance stock dropped 7.97 per cent to trade at Rs 420.80 at the day's weakest level. Shares in Nestle India, on the other hand, rose as much as 2.98 per cent to Rs 12,890.00 apiece on the NSE. 

Indiabulls Housing Finance shares remained among the top three percentage laggards on the 50-scrip index during Thursday's session. 

At 2:35 pm, Indiabulls Housing Finance shares traded 4.32 per cent lower at Rs 437.50 apiece on the NSE, sharply underperforming the Nifty benchmark index which was down 0.48 per cent at 10,992.80. Shares in Nestle India were down 1.49 per cent at Rs 12,704.05 apiece at the time. 

The domestic stock markets gave in to selling pressure on Thursday, with the S&P BSE Sensex index falling more than 400 points in intraday trade and the broader NSE Nifty sliding below the 10,950 mark, ahead of the expiry of the monthly derivatives (futures & options) due by the end of the session.