SINGAPORE - Shares of mainboard-listed City Developments fell 3.6 per cent on Friday morning following news that the stock will be dropped from the FTSE EPRA/NAREIT Global Developed Index.

FTSE announced the planned deletion on Thursday, following the quarterly review for the FTSE EPRA/NAREIT Global Real Estate Index, Asia region. The changes will take effect on June 22, 2015.

After falling to $9.70 a share, CityDev was trading at $9.79 around 11am, down 40 cents, or 3.9 per cent, with 4.2 million shares having changed hands.