Bombay Stock Exchange is reported to have finally decided to remove mobile operator Reliance Communications and power utility Reliance Infrastructure, controlled by billionaire Anil Ambani, from the benchmark index.

Also, the companies were said to be the two worst Sensex performers, as Reliance Communications was down this year by 35% and Power Utility Reliance Infrastructure by 32%, with the main index dropping by 12%.

They will be replaced by Coal India, the world's largest coal miner, and leading drug maker, Sun Pharmaceutical Industries in the Sensex, which will be effective from the 8th of August, though reasons for the replacements were not given.

However, Shares in Coal India, which the government sold at 10% stake last year for $3.4 billion in the country's largest ever IPO, were reported to have surged by 25%, while Sun Pharmaceutical’s shares went up almost by 2% this year.

Moreover, the markets closed the week on a negative note, with “May inflation data and hawkish monetary policy dragging the benchmark indices down 2.2% a 13-week low, as the index succumbed to selling pressure after May inflation data and 25 basis point rate hike stimulated concerns of a further growth slowdown”.