Shares of InterGlobe Aviation Ltd., the parent company of IndiGo, and Max Healthcare Institute, a hospital chain operator, will be in focus on Monday, August 25, after being included in the Nifty 50 index. The announcement was made by the exchange after market hours on Friday as part of its semi-annual rebalancing.These two stocks, InterGlobe Aviation and Max Healthcare, will replace IndusInd Bank and Hero MotoCorp in the benchmark index.According to an NSE circular, the changes will take effect on September 30, 2025.
IndiGo and Max Healthcare were added to the index based on their higher six-month average free-float market capitalisation. IndiGo’s free-float stands at ₹1.14 lakh crore, while Max Healthcare’s free-float market cap is currently at ₹84,555 crore.As a result, IndusInd Bank and Hero MotoCorp will move to the Nifty Midcap Select index. Hero MotoCorp, with an average free-float market cap of ₹52,336 crore, and IndusInd Bank, with ₹55,270 crore, were dropped from the Nifty 50 following their exclusion from the Nifty 100 index, which serves as the parent index for the Nifty 50.According to brokerage firm Nuvama Alternative & Quantitative Research, the inclusion of IndiGo and Max Healthcare in the Nifty 50 could lead to passive inflows of up to $537 million and $412 million, respectively.
IndiGo has delivered strong shareholder returns in 2025 so far, with the stock up over 32% year-to-date. However, Kotak Institutional Equities recently downgraded IndiGo from a ‘Buy’ to an ‘Add’ rating, citing operational pressures and the stock’s sharp rally. Kotak has set a target price of ₹6,850.On the other hand, shares of IndusInd Bank declined 17.59% through the end of July 2025. Hero MotoCorp’s stock edged up 1.82% over the same period.IndusInd Bank suffered a $230 million loss in the fiscal year ended March 31 due to misaccounting in internal derivative trades, which led to the resignations of CEO Sumant Kathpalia and Deputy CEO Arun Khurana in April.Beyond the Nifty 50, changes were also announced for the Nifty 100, Nifty Next 50, Nifty 500, Nifty Midcap, and Nifty Smallcap indices.No changes were made to sector-specific indices such as Nifty Bank, Nifty IT, FMCG, Oil & Gas, Metals, Private Bank, and PSU Bank.The NSE’s semi-annual index reshuffle is based on the average free-float market capitalisation of stocks over two six-month periods ending January 31 and July 31. The changes are implemented in March and September, respectively.Changes to the Nifty 50 often result in adjustments to exchange-traded funds (ETFs) that track the benchmark index, potentially triggering several million dollars in inflows and outflows for the affected stocks.
