Indiabulls shares tank over exclusion from Nifty50

Mumbai: Shares of Indiabulls Housing Finance on Thursday fell over 8 percent as the company awaited exclusion from the Nifty 50 index.

The housing finance company will be replaced by Nestle India which jumped over 3 percent in the early trade.

The exclusion of IndiaBulls Housing Finance will take effect from September 27.

Earlier Indiabulls had fell sharply after rating agency Moody’s downgraded the company’s long-term corporate family rating to Ba2 from Ba1, while also changing its outlook to negative from stable.