The illustrious S&P/ASX 200 Index (ASX: XJO) is recognised as the institutional investable benchmark in Australia. It has been designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation
As readers will be aware, there has been significant weakness in certain areas of the market this year, which has hit share prices hard.
In light of this, you may be surprised to learn that the shares listed below are still part of the ASX 200. Well, at least until the next quarterly rebalance in June.
Here are three shares that are clinging precariously to their ASX 200 status:
Clinuvel Pharmaceuticals Limited (ASX: CUV)
The Clinuvel share price is down 1% to $17.08 on Tuesday afternoon. This means the biopharmaceutical company's shares have now lost over 40% of their value since the start of the year. This means that with 49.4 million shares outstanding, Clinuvel has seen its market capitalisation fall to $843 million.
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price is edging lower again on Tuesday and is down 1% to $1.04. This latest decline means the medical device company's shares have lost a third of their value in 2022 and a whopping 64% over the last 12 months. In light of this share price weakness, the company now has a market capitalisation of just $688 million.
Zip Co Ltd (ASX: Z1P)
Finally, the Zip share price has tumbled to a two-year low of $1.32 this afternoon. This means the buy now pay later provider's shares are down 70% in 2022 and 84% over the last 12 months. Given this severe decline, it will come as no surprise to learn that its market capitalisation has taken a major hit. With approximately 685.3 million shares outstanding, Zip has a market cap of $904 million.
Foolish Takeaway
In just under two months, S&P Dow Jones Indices will announce its next rebalance. Unless there is a major improvement in their respective market capitalisations, the three shares above are potentially going to be candidates for eviction from the index. Stay tuned for that.
