Baltimore, an internet security specialist, is being demoted from the FTSE 250 after its dramatic market decline.
The Irish tech company, which announced it was cutting 600 jobs just two days ago, is to be replaced by British retailer Woolworths.
Woolworths will go straight into London's main index of mid-sized firms next Tuesday following its demerger from retail giant Kingfisher.
Baltimore shares fell by more than 10% yesterday after technology analyst Prudential Bache reduced its recommendation in Baltimore from 'hold' to 'sell'. This afternoon Baltimore's share price closed at 21.5p, down over 3%, in London.
Baltimore, one of the big losers in the tech downturn, was once in the FTSE 100 index of blue-chip companies and is down 98% from its peak 18 months ago.
