Indian stocks dropped sharply on Monday, with shares of Reliance Communications and Ltd and Reliance Infrastructure Ltd declining more than 6%, after the Bombay Stock Exchange (BSE) reported that it would remove the stocks from the benchmark Sensex index as of August 8.
India's Sensex dipped 329.74 points, or 1.85%, to 17,540.79, after dropping more than 3% to a low of 17,314. Shares of Reliance Communications dropped 6.5%, while those of Reliance Infrastructure declined 7%.
Shares of Reliance Communications have tumbled 36% year to date. Reliance Communications shares will be replaced by Sun Pharmaceuticals Industries Ltd. Reliance Infrastructure, which has declined 39% year to date, will be replaced by Coal India Ltd.
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