Exchange operator Nasdaq OMX Group said on Tuesday it will rebalance its benchmark Nasdaq-100 index, cutting the weighting of Apple.
Once the rebalancing is effective, the projected weight of Apple will be 12.33 percent of the index compared with a current weight of 20.49 percent, Nasdaq OMX Group said in a document hosted on its website.
Apple will continue to remain the largest component of the Nasdaq-100 index .
"Nasdaq decided to enact a special rebalance in order to bring the weights of the index securities closer in line with their actual market capitalizations," the exchange said.
The special rebalancing of the NASDAQ-100 Indexwill be enacted based on index securities and shares outstanding as of March 31, the company said.
The exchange said the rebalancing would take effect on May 2.