NSE removes Satyam from Nifty

The National Stock Exchange on Wednesday removed Satyam from its benchmark index Nifty and the IT firm will be replaced by Reliance Capital with effect from January 12.

The National Stock Exchange on Wednesday removed Satyam from its benchmark index Nifty and the IT firm will be replaced by Reliance Capital with effect from January 12.

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Satyam would also be removed from various other indices like CNX 100, S&P CNX 500,CNX IT and the CNX Services sector index, the NSE said in a statement.

"The index maintenance sub-committee has decided to make the following changes in various indices during its review. These changes shall become effective from January 12, 2009," it added.

Further, Glenmark Pharmaceuticals will replace Satyam Computer Services in the CNX 100 Index, and Cairn India will replace it on the S&P CNX 500 Index.

Besides, Core Projects and Technologies will replace the troubled software services firm in the CNX IT Index, while Power Grid Corporation of India (PGCIL) will be in place of Satyam in the CNX Services Sector Index.

Meanwhile, Reliance Capital replaced Glenmark Pharmaceuticals in the CNX Nifty Junior Index.