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India's NSE to remove Satyam shares from main index

Wed Jan 7, 2009 9:24am EST

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MUMBAI, Jan 7 (Reuters) - India's National Stock Exchange said on Wednesday it will remove Satyam Computer Services Ltd (SATY.BO)(SAY.N) from its S&P CNX Nifty 50-share index from Jan. 12.

The head of the Indian outsourcing firm resigned on Wednesday, disclosing profits had been falsely inflated for years, sending its shares crashing nearly 80 percent. [ID:nSP387669]

The exchange did not give any reason for the change.

Anil Ambani-group firm Reliance Capital Ltd (RLCP.BO) will replace Satyam in the main index, the exchange said in a statement. Satyam will also be excluded from the CNX 100 index, CNX 500 index and the CNX IT index.

Satyam is a component of the Bombay Stock Exchange's main 30-share index .BSESN, the country's benchmark index. The BSE has not made any statement on Satyam as yet. (Reporting by Prashant Mehra; Editing by John Mair)



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