Shares of all the ADAG companies took a severe beating after the Bombay Stock Exchange (BSE) said that it will remove Reliance Communications Ltd. (RCOM) and Reliance Infrastructure Ltd. from the Sensex, effective August 8.
The Bombay Stock Exchange (BSE) said that it takes into account various factors, including market capitalisation, listing history, an acceptable track record and sectoral representation in decisions for the main index.
There will be no ADAG company in the BSE Sensex from August 8.
RCOM and Reliance Infrastructure will be replaced by Sun Pharma and Coal India from August 8. Shares of these two companies have advanced in a weak market.
RCOM dropped ~8% to end at Rs 87.60 while Reliance Infrastructure lost 6% to close at Rs 545. Reliance Power was down 4.5% at Rs 110 while Reliance Capital dropped 5% at Rs 518.
Meanwhile, Reliance Mediaworks was down 7% at Rs 121.95 while Reliance Broadcast Network finished flat at Rs 72.90.