NSE Indices, a subsidiary of the National Stock Exchange (NSE), on Tuesday said that Shree Cement will replace private lender Yes Bank in the benchmark index Nifty 50 from March 27.
The stock opened on a bullish note on Wednesday at Rs 25,000, then gained further ground and touched a high of Rs 25,222.90, registering a rise of 5.98 per cent over its previous close.
The stock, however, pared some gains and was trading at Rs 24,491.80, higher by 2.91 per cent over its last close at 1144 hrs on BSE.
Further, Vodafone Idea, Ashok Leyland, Indiabulls Housing Finance, L&T Finance Holdings and Shree Cement will be dropped from Nifty Next 50, as per NSE Indices.
Meanwhile, shares of Yes Bank opened weak on Wednesday at Rs 34, then lost ground and touched an intra-day low of Rs 33.60, down 4.13 per cent over its previous close.
Shares of Yes Bank were later trading at Rs 34.50, down 1.57 per cent over its last close at 1144 hrs. RUJ DRR