MSCI cuts HCL Tech’s weightage; stock trades as top loser on Sensex, Nifty

Shares of HCL Technologies slipped 3.3 per cent to Rs 1,108.55 on the BSE in Friday’s intra-day trade on profit booking as the weightage of the information technology (IT) firm has been reduced by 0.2 basis points in the MSCI index. The changes come into effect on March 1, 2023.

At 01:51 pm, HCL Technologies was trading 3 per cent lower at Rs 1,110.95 on the BSE. The stock was the top loser among Nifty 50 and S&P BSE Sensex stocks. The benchmarks, meanwhile, were down about 0.30 per cent each.

According to Nuvama Alternative & Quantitative Research, the proforma weightage of the HCL Tech in the index is 1.5 per cent and the weightage reduction is of 0.2 basis points which will result in the selling of seven million shares and an outflow of about $97 million.