Lupin, Power Grid, Zee Entertainment to be deleted from MSCI India Index

MUMBAI: Shares of Lupin, Power Grid Corporation and Zee Entertainment were witnessing profit booking after MSCI announced that it will delete the trio from MSCI standard indexes as part of its February semi-annual index review.

Changes in constituents will take place after markets close on February 28, MSCI said in a statement.

In another development, HDFC Bank may be dropped from MSCI indices if India's Foreign Investment Promotion Board declines to clear the bank's proposal to hike foreign portfolio investment limit.

In August '13, MSCI had dropped Axis Bank from its MSCI Standard and Largecap indices when the RBI banned overseas portfolio investors from further buying its shares after the foreign stake limit was breached. Axis shares had declined nearly 10 per cent on August 16, 2013 after MSCI announcement.

At 10:20 a.m.; Lupin was down 1.3 per cent, Power Grid slipped 0.16 per cent, Zee Entertainment declined 0.45 per cent and HDFC Bank was 1.10 per cent lower.