Thyssenkrupp to leave Germany's blue chip index DAX

The lifts it makes go up...

The lift maker itself is going down.

Thyssenkrupp - manufacturer of everything from elevators and lifts to submarines and car parts - is to be demoted from Germany's blue-chip DAX index.

It's been one of its 30 members since the DAX started in 1988.

Its departure on September 23 a sad day for a once mighty German icon, says Metzler equities analyst, David Varga.

(SOUNDBITE) (German) FINANCIAL ANALYST EQUITIES FOR METZLER CAPITAL MARKETS, DAVID VARGA, SAYING:

"It's not responsible for the weakening global economy and it's not its fault either that there is a global steel overcapacity. Yet the question arises whether the company's current complexity makes sense."

A question some investors feel CEO Guido Kerkhoff has failed to answer.

Despite persistent efforts to simplify and restructure, including a bid to sell the prized elevators unit.

Thyssen was last month downgraded by two ratings agencies.

Its shares have lost 42% in the past year.

But: the stock market decision may not be all bad.

The midcap MDAX into which Thyssen drops has significantly outperformed its bigger brother in recent years, and - should Thyssen ever fall further - so has its smallcap sibling, the SDAX.