National Stock Exchange on Monday removed four Adani Group firms, 10 other firms from its Nifty Alpha 50 index. The excluded Adani stocks are Adani Enterprises Ltd, Adani Green Energy, Adani Total Gas and Adani Transmission.
These changes shall become effective from March 31, 2023 (close of March 29, 2023).
“Nifty Alpha 50 Index aims to measure the performance of securities listed on NSE with high alphas. It is a well-diversified 50 stock index. In order to make the 50 stock index investible and replicable, criteria’s such as liquidity and market capitalisation are applied while selection of securities. Nifty Alpha 50 Index can be used for a variety of purposes such as benchmarking fund portfolios, launching of index funds, ETFs and structured products,” said NSE about this index on its website.
The other stocks excluded from the coveted index are ABFRL, Angel One, Elgi Equipments, Fine Organic Industries, Gujarat Narmada Valley Fertilizers and Chemicals, KEI Indusries, Page Industries, SRF, Suzlon Energy, Tata Elxsi.
The 14 stocks that will replace these are Aditya Birla Capital, Apollo Tyres, Bank of India, BHEL, Britannia, IDFC First Bank, JSPL, L&T Finance Holding, M&M Financial Services, MRF, PFC, PNB, Siemens and Zydus Lifesciences.