Indian power group Essar Energy is one of two companies to be ejected from the FTSE 100 at this week's quarterly review.
Based on Tuesday's closing prices - and subject to confirmation by a FTSE Group committee on Wednesday - Essar will be relegated to the FTSE 250. The company - down 5.5p at 101.6p - floated in London at 420p in 2010, almost immediately joined the leading index and was in touching distance of 600p at one point. But it has been downhill ever since, as delays in building power plants and obtaining coal permits were followed by an adverse tax ruling in the Indian supreme court.
Cairn Energy is also demoted from the leading index but Hargreaves Lansdown, up 13.8p to 459.1p, has had a last minute reprieve.
In place of Essar and Cairn come Aberdeen Asset Management and Croda.
Lower down the market Avocet Mining, NB Global Floating Rate Income Fund, Petra Diamonds and Ruspetro are expected to join the FTSE 250.
Making way - and moving to the FTSE Small Cap Index - are Allied Gold Mining, Impax Environmental Markets, JPMorgan Euro Small Company Trust and Unite Group.
The changes are due to take place after the market closes on Friday 16 March.
