AppLovin (NASDAQ:APP) saw its worst day in over two years after the stock was not included in the benchmark S&P 500 index (SP500), despite market speculation that it was a strong contender. For companies to be included in the index,

Shares of AppLovin fell 16% to $338.84 and were on track for their lowest same-day percentage decrease on record, according to Dow Jones Market Data. Coming into Monday, the stock

AppLovin’s $135 billion market cap and 900% year-to-date surge through Friday’s close weren’t enough to earn it entry into the benchmark large-cap index.

AppLovin (NASDAQ: APP) investors had much to celebrate last month, as shares of the stock jumped 98.8% in November, according to data supplied by S&P Global Market Intelligence. The catalyst that initially lifted AppLovin stock higher was a blockbuster financial report.

AppLovin stock fell Monday after failing to get added to the S&P 500 during the index's quarterly rebalancing.