Marks & Spencer shares dropped 1% on Monday and were drowning at the bottom of the FTSE 100 index as investors expect the company to be relegated from London’s blue-chip stock market.
After 135 years of retailing, Marks & Spencer, for the first time, faces uncharted territory as it hits rock bottom of the FTSE index listings, losing 40% of its value since January 2018.
Fierce online competition among clothing and food retailing companies pushed the 1984-established British retail company down deep and groping for form.
The latest quarterly review implies the relegation of M&S to FTSE 350 and out of FTSE 100. The report released on Friday posted M&S at the 112th spot. Avoiding further complications and changes to the index, companies are only relegated when they further sink below 110 in the ranking.
The M&S has always been part of the FTSE 100 listing since it started in 1984.