Shriram Finance to replace UPL in Nifty from March 28

Mumbai: The National Stock Exchange (NSE) has replaced agrochemical company UPL with non-banking finance company Shriram Finance in the Nifty50 index, effective from March 28.

According to the exchange's communication on Wednesday, Shriram Finance was included due to the highest six-month average free-float market capitalisation within the eligible universe.

Over the last six months, shares of UPL have declined by 18%, whereas Shriram Finance has witnessed a rally of 26% during the same period. The removal of UPL from the Nifty50 index follows its exclusion from the Nifty 100 index.

In the Nifty Next 50 index, Adani Power, Indian Railway Finance Corporation, Jio Financial Services, Power Finance Corporation, and REC have been included. They replace Adani Wilmar, Muthoot Finance, PI Industries, Procter & Gamble Hygiene & Health Care, and Shriram Finance.