March 5, 2020 / 6:48 AM / a month ago

FTSE relegates embattled NMC Health from London's bluechip index

FILE PHOTO: General view of NMC specialty hospital in Abu Dhabi, United Arab Emirates, February 11, 2020. REUTERS/Satish Kumar/File Photo

(Reuters) - FTSE Russell has relegated NMC Health (NMC.L) from the FTSE 100 index .FTSE as part of its quarterly reshuffle, days after the healthcare company's shares were suspended from trading.

FTSE Russell, however, said in its quarterly report here late on Wednesday that if NMC has not resumed trading by the close of business on March 18, it will be retained within the FTSE 100 index until its resumption.

Shares of Abu-Dhabi based NMC had lost about two-thirds of their value since U.S.-based short-seller Muddy Waters late last year questioned the company’s financial statements.

Britain’s Financial Conduct Authority also opened an investigation into the company following the trading suspension on Feb. 27.

FTSE Russell also removed Kingfisher (KGF.L) and TUI AG (TUIT.L) from the FTSE 100 index and added Fresnillo (FRES.L), Intermediate Capital Group (ICP.L) and Pennon Group (PNN.L).

Reporting by Indranil Sarkar in Bengaluru; Editing by Maju Samuel

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