Shares of Indiabulls Housing Finance on Thursday fell over 8 per cent as the company awaited exclusion from the Nifty 50 index.

The housing finance company will be replaced by Nestle India which jumped over 3 per cent in the early trade.

The exclusion of IndiaBulls Housing Finance will take effect from September 27.

Earlier Indiabulls had fallen sharply after rating agency Moody’s downgraded the company’s long-term corporate family rating to Ba2 from Ba1, while also changing its outlook to negative from stable.