IT major Wipro will be dropped from the National Stock Exchange's benchmark index Nifty from April 1 as its non-IT businesses are hived off into a separate unit.
'A corporate action like our demerger of a listed company would generally result in a short-term withdrawal of the scrip from the index as it has been happening in the past where such corporate action had been initiated.'We expect restoration of the same on completion of the corporate action, which we expect to conclude in the next few months,' Bangalore-based Wipro said in a statement.
India Index Services and Products Ltd, an NSE-Crisil joint venture that maintains Nifty index, had on Wednesday said Wipro and Siemens would be replaced by IndusInd Bank and state-run NMDC on the 50-share benchmark index with effect from 1 April 2013.
In November last year, the Wipro board had approved the 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 business — into a privately- held company.
'A corporate action like our demerger of a listed company would generally result in a short-term withdrawal of the scrip from the index as it has been happening in the past where such corporate action had been initiated.'We expect restoration of the same on completion of the corporate action, which we expect to conclude in the next few months,' Bangalore-based Wipro said in a statement.
India Index Services and Products Ltd, an NSE-Crisil joint venture that maintains Nifty index, had on Wednesday said Wipro and Siemens would be replaced by IndusInd Bank and state-run NMDC on the 50-share benchmark index with effect from 1 April 2013.
In November last year, the Wipro board had approved the 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 business — into a privately- held company.