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 ( APP -3.48%) 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.

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

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