India's Shriram Finance to replace UPL in blue-chip Nifty 50 index

BENGALURU (Reuters) - Non-banking finance firm Shriram Finance will replace agrochemical company UPL on the blue-chip Nifty 50 index, effective March 28, the National Stock Exchange of India said on Wednesday.

The change is part of a periodic review of broad market indices.

UPL has been removed from the blue-chip index after its exclusion from the Nifty 100, a parent index for the Nifty 50, the NSE said in a statement.

Shriram Finance has the highest six-month average free-float market capitalization among all stocks eligible to replace UPL, the statement said.

Shares of Shriram Finance rose as much as 2.8% in the day before closing 1% lower in a weak market. UPL closed down 1.8%.

(Reporting by Indranil Sarkar in Bengaluru; Editing by Shilpi Majumdar)