New Delhi, May 26 -- Eternal share price declined 4% in early trade on Monday amid expectations of substantial passive outflows following index weightage cuts by global index providers FTSE Russell and MSCI. Eternal shares dropped as much as 4% to Rs.227.95 apiece on the BSE.

According to estimates by IIFL Capital Services, Eternal, earlier known as Zomato, could witness passive outflows of approximately $840 million due to the impending rebalancing.

Of this, FTSE Russell's adjustment is expected to trigger outflows of around $380 million (approximately Rs.3,235 crore), while MSCI's scheduled May review may result in outflows worth $460 million (approximately Rs.3,917 crore).

The index weight reductions follow a recent cut in Eternal's...