IFIC Bank has been dropped from the prestigious blue-chip index DS30 of the Dhaka Stock Exchange (DSE) where telecom giant Robi and National Bank have secured a berth.
Padma Oil and National Life Insurance have also been excluded from the index where Delta Life Insurance got a place.
The country's premier bourse rebalances the DS30 index every six months by complying with the criteria set by S and P Dow Jones Indices.
The new rebalanced index DS30 will be effective from 18 July.
DSE's acting managing director Abdul Matin Patwary told The Business Standard, "Companies are basically selected in four steps for the blue-chip index. Those three companies have lagged behind the rest in terms of performance, so they have been left out."
As per rules, companies have to go through four steps to get a place in the blue-chip index.
These include the market capitalisation of the company should be at least Tk50 crore on the basis of free-float shares and at least Tk50 lakh shares should be traded every day for three months.