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REC’s exit from Nifty CPSE sparks selloff

Shares of REC slumped 14.5 per cent to Rs 137 on Tuesday-its biggest fall since November 2016-after the index maintenance sub-committee of NSE indices decided to exclude the stock from the Nifty CPSE index of state-owned companies.The move could lead to outflows from the stock of over $100 million though this figure could not be independently verified.The exclusion of the stock from the index will be effective from July 15. The Index Maintenance Sub-Committee of NSE indices has revised the criteria for eligibility in the index.The revised criteria says that stocks having more than 51.5 per cent government holding under promoter criteria would be eligible. The earlier criteria was 52 per cent government holding under promoter category.The to.....

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