GM kicked out of Dow auto classified index

    General Motors Corp. will be removed from the Dow Jones Automobiles & Parts Titans 30 Index after the automaker filed for bankruptcy on Monday.

    GM will be replaced by Japanese Sumitomo Electric Industries Ltd. in the classified index. And the change will be effective before the opening of trading on Thursday.

    Earlier Monday, Dow Jones & Company announced that the long-term blue chip will no longer be the component stock of Dow Jones Industrial Average from June 8, as "a bankruptcy filing immediately disqualifies a stock regardless of a company's history or its role as a cultural icon."

    Cisco Systems, Inc. is replacing GM while the Travelers Companies, Inc. taking the place of Citigroup, Inc, which is removed on the same day.

    GM filed a Chapter 11 petition to the U.S. Bankruptcy Court for the Southern District of New York early Monday morning, which was widely expected.

    GM shares plunged to 75 cents as close of Friday, the lowest level in 76 years, and less than the 1 U.S. dollar minimum price normally needed for a New York Stock Exchange listing.