// Asos drops off FTSE 250 index as shares plummet
// The fashion retailer will trade on the FTSE SmallCap index from June 16
Asos, which was valued at more than £7bn just over two years ago, has been booted off the FTSE 250 index causing its shares to hit a 12-month low.
The fashion retailer’s shares dropped 3% to 333p on Thursday, leaving it at a value of £400m, following FTSE Russell’s latest quarterly reshuffle.
As a result, Asos will move to the FTSE SmallCap index on June 16.
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The fall in shares come after the retailer posted widening half-year losses of £290.9m last month due to lower sales and the implementation of its turnaround plan.
Last week, Asos revealed it had raised £75m from shareholders and had struck a £275m asset-based lending refinancing deal with Bantry Bay Capital to strengthen its balance sheet.
The recent reshuffle by index provider FTSE Russell saw struggling online grocer Ocado maintain its position in FTSE 100 after M&S posted a rise in profits.
Despite a steep drop in value, the online supermarket kept its place after a pickup in its share price.
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