General Electric lost it place in Dow Jones Industrial Average Index, Reuters informs. Company was included into “blue chips” index more than a century ago, when it was formed by Charles Dow in 1896. Now it will be replaced by drug store chain Walgreens Boots Alliance Inc.

GE shares dropped by 1,5% after announcement, while shares of Walgreens gained 3%.

Just about fifteen years ago GE was the most valuable publicly trading company in the world. However, company lost its positions on several key markets in recent years. Besides, diversification into financial services sector made it vulnerable to financial crisis of 2008.

Now GE is sixth smallest company in regards to market value in Dow Jones index. It also has the lowest share price.

Encountering significant profit reduction, GE is trying to reduce cost, sell businesses and strengthen its financial position.

Price of GE stocks lost 80% in comparison with high level of 2000. Last month CEO of the company said that GE will not be able to pay dividends in 2019.

In the past many famous companies lost their spot in Dow. They include Eastman Kodak, Sears Roebuck, International Paper, Goodyear, Bethlehem Steel, Westinghouse, General Motors and Chrysler. However, not all of them disappeared or became unsuccessful after leaving Dow. For example, Bank of America outperforms index by 46% since it left Dow in 2013.