Lendlease, once an $11 billion behemoth of corporate Australia, has this week taken on a new moniker: small cap.

A nearly 30 per cent slump in share price since ASX-listed Lendlease reported earnings last month cemented a decline that prompted ratings agency S&P Dow Jones Indices on Monday to kick it out of the S&P/ASX 100 Index, the index of the country’s largest listed companies. That change took effect this week.

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