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BSE shares fall 3.5% after entering Nifty 50 in index reshuffle
The stock dropped to ₹3,092 after Goldman Sachs and BNP Paribas trimmed their stakes, selling millions of shares during the reshuffle.
BSE shares slid 3.5% on Wednesday, 30 September, to ₹3,092, giving back the prior day’s gains even after the company’s entry into the Nifty 50.
According to LiveMint Markets, the Nifty 50 change was part of the NSE’s twice a year index rebalancing, conducted on Tuesday, with BSE replacing Wipro.
The positive impact of inclusion was partly offset by institutional stake sales, as BNP Paribas sold 4,451,693 shares and Goldman Sachs Investments Mauritius Limited sold 2,381,571 shares, based on NSE data.
LiveMint Markets also noted that mutual fund buying activity accompanied the moves, with UTI Mutual Fund purchasing 2,712,950 shares and Nippon India Mutual Fund buying 2,529,550 shares.