Sports Direct has officially dropped out of the FTSE100, while grocery giant Morrisons has re-entered the index after a short absence.

Valu retailer Poundland has also dropped out of the FTSE250 index.

The London Stock Exchange confirmed the news today following its latest quarterly review of the index.

Mike Ashley-controlled Sports Direct, which has come under attack for the alleged treatment of its warehouse staff, has seen its share price slide more than 40% since the start of December.

Sports Direct also issued a profit warning in January after blaming poor trading conditions on the high street and unseasonable weather over Christmas.

It first entered the FTSE100 in September 2013, after its share price leaped 86% in the year.

Sports Direct will now be part of the FTSE250 index.

Morrisons has made a quick return after dropping out of the FTSE100 in December. The grocer has seen a bounce in its share price as Christmas trading beat expectations. It has also agreed a deal to sell its products through etail giant Amazon, it revealed this week.

Poundland has seen its share price nearly halve in the last six months as competition has intensified in the value sector. Today it announced former B&Q boss Kevin O’Byrne will replace long-serving boss Jim McCarthy as chief executive.