By Scott Kanowsky
Investing.com -- Shares in Porsche AG (ETR:P911_p) rose on Monday after the sportscar maker formally joined Germany's blue-chip DAX stock index 81 days after its initial public listing.
The Stuttgart-based firm replaces German sportswear company Puma, which has dropped down to the MDAX index.
The reshuffle - a fairly common overhaul of the make-up of the DAX based on trading data measuring market value and trading volume - was first announced on December 5. In 2021, the DAX underwent its biggest ever expansion, with the index growing in size to include 40 companies from 30.
Porsche (F:P911_p) shares have gained more than 16% since their much-anticipated €75 billion (€1 = $1.0601) debut in September, helping it surpass parent Volkswagen AG (ETR:VOWG_p) as Europe's most valuable automaker. Its current market capitalization stands at about €90.65B, eclipsing VW's valuation of €72.74B.
VW shares dipped on Monday, as the carmaking giant faced renewed backlash from stakeholders over the company's leadership structure. Oliver Blume remained at the helm of Porsche following its listing, while also taking over as group chief executive at VW in September. Shares in VW, which has also slashed its delivery targets due to supply chain concerns, have now slipped by more than 22% over the past one-year period.