Shares of Longfin Corp , a fintech company with ties to cryptocurrencies, plunged 48% over the past two sessions, following statement from FTSE Russell on Monday that the stock will be removed from its indexes. Longfin shares skyrocketed last last year after it bought Ziddu.com, a blockchain technology provider that offers microfinance lending. FTSE Russell said in a statement that the fintech firm failed to have at least 5% of its shares available to the public, a requirement for being included in the index. The removal comes less than two weeks after the stock joined the benchmark for small-capitalization companies. Longfin shares plunged 37% on Tuesday and 17% on Monday. However, it is still up more than 600% from its initial listing in December, when it listed at just over $5. The S&P 500 is flat over the same period.
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