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.