Ann: S&P DJI Announces March 2023 Quarterly Rebalance, page-8

No maybe at all. It's an index fund, not an ETF, they don't rebalance based on fundamentals. Their criteria is defined:

"All Ordinaries. The index measures the performance of the total Australian equity market and is composed of the 500 largest securities listed on the ASX, with no liquidity screen or minimum IWF requirement. The index is the only member of the S&P/ASX index family not weighted by float-adjusted market capitalization."

They are out of the index because they are no longer in the top 500 companies organized by market cap size. No other reason.

This could also mean that funds who track the index should have completed their sell down by now, meaning a lot of sell side liquidity has finished being absorbed.