Exchange operator Nasdaq OMX Group Inc said on Tuesday it will rebalance its benchmark Nasdaq-100 index, cutting the weighting of Apple Inc.

Once the rebalancing is effective, the projected weight of Apple will be 12.33 percent of the index compared with a current weight of 20.49 percent, Nasdaq said in a document hosted on its website.

Apple will continue to remain the largest component of the Nasdaq-100 index.

Nasdaq decided to enact a special rebalance in order to bring the weights of the index securities closer in line with their actual market capitalizations, the exchange said.

The special rebalancing of the NASDAQ-100 Index will be enacted based on index securities and shares outstanding as of March 31, the company said.

The exchange said the rebalancing would take effect on May 2.

(Reporting by Sakthi Prasad in Bangalore; Editing by David Holmes)