Seven West Media has been booted from the S&P/ASX 200 Index, while local shipbuilder Austal will join the benchmark, following the quarterly rebalancing of the Australian share market indices.
Seven West's share price has been in a long-term decline since 2010 when it reached $8.33.
It experienced a spike in August last year, but has since dropped around 57 per cent to currently trade at 48 cents each.
It currently has a market cap of around $716 million.
In May, the Kerry Stokes-owned company flagged a fall in full-year earnings for this financial year of up to 10.9 per cent, which it blamed on a weak advertising market.
In February, the company forecast earnings to grow for the year to June 30 by between 5 per cent and 10 per cent.
David Singleton-led Austal’s share price is currently at $3.08, up 74 per cent from $1.77 a year prior, thanks largely to better-than-expected procurement levels from the US Navy for its Littoral Combat Ships.
It currently has a market cap of around $1.1 billion
Another Perth company, Navitas, will be removed from the S&P/ASX 200 on June 24, pending shareholder and court approval of its $2.1 billion acquisition by an investment consortium including Melbourne-based private equity firm BGH, AustralianSuper, and former Navitas chief executive Rod Jones.
Perth-based Westgold Resources was also removed from the top 200.
Afterpay joined the S&P/ASX 100, while Goodman Group replaced Coles Group in the S&P/ASX 20.