Facebook to replace Infosys on Nasdaq 100
Facebook, which made its stock market debut in May, will replace Infosys on the Nasdaq 100 according to media reports. Facebook's debut in the widely tracked index is set for December 12, 2012.
NDTV | Last Updated: December 05, 2012 15:35 (IST)
Facebook, which made its stock market debut in May, will replace Infosys on the Nasdaq 100 index of the largest non-financial companies listed on the exchange. Facebook's debut on the widely tracked index is set for December 12, 2012.
Nasdaq is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange.
Facebook's entry into the index comes after Infosys' move to shift its American Depositary Shares to the NYSE Euronext. Infosys, the first Indian company to list on Nasdaq, said the move was aimed to increase access to the stock for European investors. India's second largest software services exporter has been listed on the Nasdaq since 1999.
It will trade under the "INFY" symbol on NYSE Euronext starting December 12. Infosys is also seeking listing of its ADS on the Paris and London boards of NYSE Euronext. The moves will not affect its float or capital structure, the company said last week.
Infosys shares closed 2 per cent lower at Rs 2,399.30 on the NSE while the broader Nifty advanced 0.2 per cent to 5,900 (provisional).
Infosys Chief Executive S.D. Shibulal had earlier said the shift to the NYSE Euronext and its London and Paris bourse will also "broaden the trading window available" for foreign investors.
"Our decision to transfer our American Depositary Shares listing to NYSE is motivated by a desire to leverage the NYSE Euronext partnership to empower our investor base, increase access to our stock for European investors and broaden the trading window available for our global investors.
"We thank NASDAQ for the support and partnership we received from them as we took the Infosys brand to the global market. We look forward to a strong and long engagement with NYSE Euronext," Mr Shibulal had earlier said.
Infosys and larger rival Tata Consultancy Services want to boost their business in Europe, as more European companies look to outsource IT services to cut costs.
Europe accounted for nearly 22 percent of Infosys sales in the quarter ended in September, while North America brought in 64 percent of its revenue.
(With inputs from Reuters)
Story first published on: December 05, 2012 08:58 (IST)