ITC Hotels Removed from Sensex and BSE Indices Following Temporary Inclusion
ITC Hotels was officially removed from the benchmark Sensex and other BSE indices on Tuesday. The company, which was spun off from ITC, had been temporarily included in the Sensex and a few other indices to allow passive funds to adjust their portfolios in response to the demerger.
Having begun trading separately on 29 January, ITC Hotels remained under observation for possible exclusion. In a notice, BSE stated that since the company’s stock did not hit the lower circuit before the cut-off time, it would be dropped from all BSE indices before the market opened on Wednesday.
The luxury hotel operator’s shares last closed at ₹165, marking a 4.2 per cent decline, with transactions exceeding ₹700 crore in value. Due to its exclusion from the Sensex, index trackers were required to sell shares worth over ₹400 crore. An additional ₹700 crore worth of selling is expected when ITC Hotels is removed from the NSE Nifty.
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