After weeks of bad news, embattled financial services provider AMP has dropped off the top 20 list of ASX listed companies.
The company, which has gone through the wringer over the last month, is no longer one of the 20 largest companies on the Australian Securities Exchange, instead being replaced on the list by global packaging company Amcor Limited.
Shares in AMP have experienced a spectacular decline as more than $2 billion has been stripped from its market value in the wake of admitting to charging clients for advice they never received.
The revelations came as part of the financial services royal commission and AMP also allegedly lied to the Australian Competition and Consumer Commission about its actions.
AMP is currently facing four different class action law suits over its breach of trust, brought on behalf of aggrieved shareholders who have watched ths company's value plummet.
Investors are backed by four major law firms, Slater and Gordon, Shine Lawyers, Quinn Emanuel Urquhart & Sullivan and Phi Finney McDonald, to launch class actions against the wealth management giant.
In the fallout of the revelations, the company's chief executive Craig Meller and chairman Catherine Brenner both stepped down from their positions.
AMP's removal from the ASX20 index will be effective at the market open on June 18, 2018.
AMP joins a handful of other major Australian companies which are also currently under shareholder pressure to perform better, each dropping rank on respective ASX indices.
Retail Food Group (ASX: RFG), which has been struggling to return to form after a scathing report on its internal conduct by Fairfax Media, has dropped out of both the ASX 200 Index and the ASX All Australian 200 Index.
Myer (ASX: MYR) has also fallen off the ASX All Australian 200 Index , struggling with Australia's tough retail conditions and fiery shareholder backlash over its lacklustre full-year financial forecast.
While these companies struggle, other innovative and growing listed companies like Afterpay Touch Group (ASX: APT) are flourishing.
Afterpay is now in the ASX 200 Index and Cochlear Limited (ASX: COH) has also climbed up into the ASX 50 Index.
Shares in AMP Limited are up 0.83 per cent to $3.65 per share at 10.32am AEST.
Business News Australia