M&S to drop out of FTSE 100 after shares slide
It will be the first time the retailer has not been a FTSE 100 member since the index was launched in 1984.
Based on the closing price of its stock on Tuesday, its market value has fallen below the threshold for inclusion.
But the official announcement will not be made until Wednesday night, with the decision implemented on 23 September.
The food and fashion giant has had a hard year, with its shares down 40%.
- M&S to start home delivery next year
- M&S sales and profits fall amid shake-up
Its all-important clothing business has continued to struggle, and its food business has shown signs of weakness.
“Symbolically, falling out of the FTSE is just another milestone in the slow-but-steady decline of what used to be a great British institution,” says retail expert Richard Hyman.