LTIMindtree to replace HDFC on Nifty 50 from July 13

5 Jul 2023 , 09:21 AM

Because of the merger under HDFC Bank, the stock exchange NSE announced a replacement against HDFC share price on its indices on Tuesday.

With effect from July 13, 2023, tech player LTI Mindtree will replace the housing finance giant on the Nifty 50 mainboard.

Not only that, but many other stocks will replace HDFC on the NSE’s Financial Services, Nifty 200, Nifty 500, and Services Sectors indices, among others.

‘The Index Maintenance Sub-Committee (Equity) of NSE Indices Limited will replace stock in various indices as listed hereunder due to the scheme of amalgamation of Housing Development Finance Corporation (HDFC) with HDFC Bank,’ the NSE said in a notification on Tuesday. 

It further added, ‘these changes will take effect on July 13, 2023 (the close of business on July 12, 2023.’

As a result, on July 13, 2023, the Nifty 50 index, which includes 50 large-cap stocks, will welcome LTI Mindtree in place of HDFC. This is also true for the Nifty50 Equal Weight Index.

HDFC’s market cap was over Rs 5.33 lakh crore at the end of July 4, while LTI Mindtree’s market cap was over Rs 1.55 lakh crore.

At around 9.19 AM, LTIMindtree was trading 1.70% higher at Rs 5,340.05 per piece, against the previous close of Rs 5,250.55 on NSE. On the other hand, HDFC was trading 1.97% lower at Rs 2,826.55 per piece.

For feedback and suggestions, write to us at [e-mail]