Troubled Yes Bank Ltd. will be replaced in the Nifty banking index by Bandhan Bank Ltd. from March 27, a subsidiary of the National Stock Exchange said on Thursday.
The replacement has been done on account of the non-availability of future and options contracts in Yes Bank shares, NSE Indices said in a statement. Last month, the exchange said that Yes Bank would be moved out from the benchmark index Nifty 50 from March 27.
Besides, the bank would be dropped from the futures and options segment from May 29. Apart from the banking index, changes have also been made in several indices, including Nifty Alpha 50, Nifty High Beta 50, Nifty 500, Nifty Small-cap 250 and Nifty Mid-small cap 400.
NSE Indices' Index Maintenance Sub-Committee has decided to make the replacement of stocks in various indices as part of its periodic review. Among others, Gayatri Projects would be excluded from Nifty 500, Nifty Smallcap 250 and Nifty Smallcap 400 indices. Shilpa Medicare would be added in its place in these indices.
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