Sintex hits 52-week low on exclusion from NSE Nifty Midcap Index

NEW DELHI: Sintex Industries slipped over 4 per cent in morning trade on Monday to hit its 52-week low of Rs 39.65, after reports suggested that it will be replaced by Havells India in National Stock Exchange's Nifty Midcap 50 index from next month.

At 09:45 a.m.; Sintex Industries recouped some of the morning losses and was trading 1.3 per cent lower at Rs 40.75. It hit a 52-week low of Rs 39.65 and a high of Rs 40.90 in trade today.

Havells India Ltd was trading 1 per cent lower at Rs 721.25. It hit a low of Rs 719.10 and a high of Rs 729.92 in trade today on the National Stock Exchange.

According to the changes announced on Friday by India Index Services & Products Ltd (IISL), an NSE-Crisil joint venture, Sintex Industries would be excluded from the Nifty Midcap 50 index with effect from July 26, 2013.

“Earlier, the exchange said that it would exclude Sintex Industries from derivative and Securities Lending & Borrowing Scheme (SLBS) segments with effect from August 30, 2013,” PTI reported.