Berkeley Group dropped out of the FTSE 100 when markets closed today.
The housebuilder lost 30% of its value in the days following the Brexit vote and is still 18.5% down from its pre-referendum levels, despite steady gains in August.
It was in danger of being relegated when it closed in the 115th position on the FTSE All-Share yesterday, a day before the FTSE quarterly review.
The drop will leave Persimmon, Barratt Developments and Taylor Wimpey as the only housebuilders in the index.
Changes will come into effect when the markets open on 19 September.
Despite the market expecting the exclusion, Berkeley led the FTSE 100 in share price rises today with a 3% gain.
From June: Housebuilders take stock market hit following Brexit
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