IREDA share price falls as NSE revokes inclusion in Nifty 500, 6 other indices
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IREDA share price fell 1.6% on Wednesday’s trading session as NSE revoked inclusion in Nifty 500, Nifty Midcap 150, Nifty Midcap 100, Nifty 200, Nifty LargeMidcap 250, Nifty MidSmallcap 400, and Nifty Total Market.
According to a filing from the NSE, the Committee has decided to revoke its earlier decision to add IREDA, which was announced on February 28, 2024, since it violated a requirement of the SEBI Portfolio Concentration Norms for Equity Exchange Traded Funds (ETFs) and Index Funds linked to impact cost.
“On February 28, 2024, as part of periodic review of various indices, the Index Maintenance SubCommittee (Equity) of NSE Indices Limited had announced inclusion of Indian Renewable Energy Development Agency Ltd. (IREDA) in Nifty 500, Nifty Midcap 150, Nifty Midcap 100, Nifty 200, Nifty LargeMidcap 250, Nifty MidSmallcap 400, Nifty Total Market and Nifty500 Multicap 50:25:25 indices with effect from March 28, 2024,” said NSE in a filing.
In addition, NSE stated in its filing that the Index Maintenance Sub-Committee (Equity) of NSE indexes Limited has made the following adjustments to a number of its indices. These modifications will take effect on March 28, 2024, with a closure date of March 27, 2024.
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As per the filing, the Nifty 500 Multicap 50:25:25 index would be subject to the same modifications as the Nifty 500 index adjustment. There will be no changes to the other replacements that were announced on February 28, 2024.
(more to come)
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Published: 20 Mar 2024, 09:16 AM IST
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