(Bloomberg) -- Digital payment group Worldline will exit Paris’s CAC 40 index and will be replaced by media conglomerate Vivendi, Paris bourse operator Euronext said on Thursday.
Wordline has been the worst performer across French blue chips, losing 57% since the beginning of the year while the CAC 40 gained about 15%.
In October Worldline sent a shockwave through Europe’s fintech sector, cutting its sales outlook and warning of economic challenges that pushed its stock down by more than half.
Vivendi reclaimed its CAC 40 membership after having lost its seat in June. The media conglomerate’s shares dropped in May when major shareholder Bollore Group said a takeover of the company was not on the cards.
Membership of major benchmarks has gained importance in recent years, given the dominance of so-called tracker funds. Exclusion could see stocks subject to selling pressure from such funds, which look to mirror the performance of a gauge.
--With assistance from Benoit Berthelot.
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