IRFC to replace LIC in the Nifty PSE index
IRFC shares will begin trading on the Nifty PSE index from September 30.
The National Stock Exchange announced changes to its various indices on Friday. As part of this update, IRFC was introduced as a new member of the Nifty PSE index, which includes the top state-run companies in the country.
The Shares of Indian Railways Finance Corporation (IRFC) Ltd. are seeing some selling pressure on Monday despite a positive announcement coming in for the stock last week.
IRFC will replace the Life Insurance Corporation of India (LIC), India's largest insurance company, but a stock that continues to lack free float in the market as the government holds 97% of the total equity.
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IRFC shares will begin trading on the Nifty PSE index from September 30.
Shares of IRFC are among the PSU outperformers from last year and that outperformance has spilled over into this year as well. The stock has gained 80% so far in 2024. Over 12 months, the stock is up 272%.
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