Myer's falling share price has caused it to be removed from Australia's benchmark ASX 200 index.

The struggling department store is no longer among the nation's top 200 public companies, given its stocks have dropped by 85 per cent since November 2009.

Following this downgrade, Myer's share price fell by a further 2.8 per cent to 44 cents at 10:55am (AEDT) — making it one of the weakest performers on the local share market today.

Myer is currently worth $363 million — a far cry from the $2.4 billion market value it commanded more than eight years ago, when it first listed on the stock market.

This is the latest in a series of misfortunes for Myer, after a string of dire profit warnings and a stocktake sale which failed to attract many shoppers.

There was also the sacking of its chief executive Richard Umbers on Valentine's Day, and ongoing pressure from Premier Investments chairman Solomon Lew to sack Myer's board.

Also demoted from the benchmark index was HT&E, formerly known as APN News and Media.

HT&E posted a net loss of $117.5 million for the 2016-17 financial year. Its share price has also fallen to $1.73 (a drop of 39 per cent over the last year).

New additions to benchmark index

Infant formula maker Bellamy's and accounting software company Xero have been inducted into the benchmark stock index.

Both companies saw a substantial jump in their share price throughout the last 12 months.

In the last year, Xero's share price lifted by 90 per cent to $32.40, while Bellamy's surged by 416 per cent to $20.30.

Xero even managed to crack the more exclusive ASX 100 index — with Fairfax Media and troubled internet provider Vocus Group being dropped from the list of top public 100 companies.

Vocus, which owns the Dodo and iPrimus brands, downgraded its earnings guidance and showed its former CEO Geoff Horth the exit last month.

These changes to the Australian share indexes will take effect from March 19.