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NSE to remove Satyam from Nifty

NSE to remove Satyam from Nifty
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First Published: Wed, Jan 07 2009. 07 43 PM IST
Updated: Wed, Jan 07 2009. 07 43 PM IST
Mumbai: India’s National Stock Exchange said on Wednesday it will remove Satyam Computer Services Ltd from its S&P CNX Nifty 50-share index from 12 January.
The head of the Indian outsourcing firm resigned on Wednesday, disclosing profits had been falsely inflated for years, sending its shares crashing nearly 80%.
The exchange did not give any reason for the change.
Anil Ambani-group firm Reliance Capital Ltd will replace Satyam in the main index, the exchange said in a statement. Satyam will also be excluded from the CNX 100 index, CNX 500 index and the CNX IT index.
Satyam is a component of the Bombay Stock Exchange’s main 30-share index, the country’s benchmark index. The BSE has not made any statement on Satyam as yet.
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First Published: Wed, Jan 07 2009. 07 43 PM IST