Nestle to replace Indiabulls Housing Finance in Nifty

FMCG company Nestle India will replace non-banking financial player Indiabulls Housing Finance in Nifty50 index from September 27. The replacement is also applicable to Nifty50 Equal Weight Index. Shares of Indiabulls Housing Finance have slipped over 60 per cent from their 52-week high to a market-cap of Rs 19,542 crore on Wednesday. On the other hand, Nestle hit its all-time high of Rs 12,850.55 on Wednesday and now commands a market cap of Rs 1,20,661 crore. The indices are reconstituted twice every year based on data for six months ending January and July. The last change happened in February when Britannia replaced HPCL.