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04-24-2012, 10:29 AM #1
DLF shares slump on Sensex exclusion
Shares of DLF on Monday lost over 4 per cent in bourses amid BSE announcement that Dr Reddy's Lab will replace the real estate major in the benchmark 30-share index Sensex.
DLF shares ended 4.21 per cent lower at Rs 189 on the BSE. On the National Stock Exchange (NSE), the stock lost 4.31 per cent to Rs 188.75.
Shares of Dr Reddy's also declined by 1.38 per cent to Rs 1,772 on BSE. The scrip ended at Rs 1,778, down 0.84 per cent on the NSE.
DLF's removal from the index will come into effect from June 11, BSE said. Post DLF replacement, no real estate stock will figure in Sensex.
Marketmen said weakness in DLF scrip was largely a knee-jerk reaction to the news of Sensex exclusion. Also, weakness in the stock market played spoilsport.
DLF has a weight of 0.56 per cent in the Sensex.
The market value of DLF stood at Rs 32,097 crore, while Dr Reddy's had a m-cap of Rs 30,036 crore at the end of trade today.
Meanwhile, the BSE Sensex was down 277.1 points from its previous close at 17,096.68.