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Vedanta, Dr Reddy's Labs shares fall up to 4% after Sensex rejig came into effect today

New Delhi: Shares of Vedanta and Dr Reddy's Labs fell up to 4 percent on BSE as the 30-share Sensex rejig came into effect on Monday.

Under the reconstitution, Vedanta has entered the benchmark index, while Dr Reddy's Labs has exited the index.

Vedanta, after opening the day on a weak note, further fell by 4.16 percent to Rs 228.80 -- its 52-week low -- as trade progressed on BSE.

Representational image. Reuters.

Representational image. Reuters.

The stock was also among the biggest losers in the metals pack on BSE, which turned negative on increasing concerns over a full-fledged trade war between the US and China, after Donald Trump on Friday slapped a 25 percent tariff on $50 billion worth of Chinese goods.

Meanwhile, shares Dr Reddy's Labs too declined 2.59 percent to Rs 2,290 on BSE.

With the exclusion of Dr Reddy's Labs and due to the significant underperformance of the sector over the last two years, weightage of healthcare in the index will now be at an eight-year low, broking firm Motilal Oswal said last week in its India Strategy report.

Sun Pharma has a weightage of 1.7 percent and will now be the only healthcare stock in the benchmark index, the report added.

With inclusion of Vedanta in the benchmark, metal sector weight will increase to 2.6 percent, the report had said.

The reconstitution in BSE indices was announced on 18 May.


Updated Date: Jun 18, 2018 13:25 PM

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