Private sector lender IndusInd Bank and state-run mining giant NMDC would replace IT major Wipro and diversified group Siemens in the 50-share benchmark index of the National Stock Exchange (NSE). Both Wipro and Simenes will exit the NSE's benchmark index Nifty from Monday.
Nifty is managed by India Index Services & Products Ltd, an NSE-Crisil joint venture, which has decided to drop Wipro and Siemens as part of its periodic index review exercise.
Wipro is undertaking a business restructuring exercise, which includes hiving off its non-IT businesses into a separate unit.
In November last year, the Wipro board approved demerger of the non-IT businesses Wipro Consumer Care & Lighting (including furniture business), Wipro Infrastructure Engineering (hydraulics and water businesses) and Medical Diagnostic Product & Services into a privately held company to be named 'Wipro Enterprises Ltd'.
While Wipro Ltd will continue to remain a publicly listed company with exclusive focus on IT business, Wipro Enterprises would be an unlisted company.
With PTI inputs