Nifty exclusion linked to demerger process: Wipro

Software major Wipro says its demerger process has led to its exclusion from the NSE 50-share benchmark Nifty. 

"A corporate action like our demerger of a listed company would generally result in a short term withdrawal of the scrip from the index as it has been happening in the past where such corporate action had been initiated. We expect restoration of the same on completion of the corporate action, which we expect to conclude in the next few months," the company said in a press statement.

On November 1 2012, the Wipro board approved the demerger of the non-IT businesses into a separate company to be named Wipro Enterprise (WEL).

Wipro and diversified group Siemens will be dropped from the (National Stock Exchange) NSE's benchmark index Nifty from April 1 .(More details) In their place, private-sector lender IndusInd Bank and state-run NMDC would be included in the Nifty index, the statement said.