CHENNAI: Shriram Finance has been included in Nifty 50 index as it has the highest six-month average free-float market capitalisation, the NSE said in a statement. The Chennai-based company will replace UPL Ltd in the index.
Shriram Finance had a total market capitalisation of Rs 87,600 crore at the end of the session on Wednesday. The share price of the company fell by 1.7% on Wednesday to close at Rs 2,332.
As per the latest shareholding pattern of the company, the public hold 74.57% in the company while promoter and promoter group hold 25.42% in the company. Shriram Finance, part of the Chennai-based Shriram Group, is a retail NBFC offering commercial vehicle loans, two-wheeler loans, car loans, home loans, gold loans, personal and small business loans. It had a total asset under management (AUM) of Rs 2.14 lakh crore. As a result of its inclusion in the Nifty50, Shriram Finance will no longer be part of the Nifty50 Next index.
Meanwhile, the NSE, in a stement, said that UPL Ltd has been removed from Nifty 50 pursuant to its exclusion from Nifty 100 index.