Jio Financial Services Shares Fall Nearly 5% in Debut Trade

New Delhi, August 21: Shares of Jio Financial Services, the demerged financial services unit of Reliance Industries, listed on the bourses on Monday, with the stock falling nearly 5 per cent to hit the lower circuit limit. On the BSE, shares of the company began the trade at Rs 265, up 1.20 per cent against Rs 261.85, the price fixed at a special price discovery session held last month. However, the stock later fell by 3.85 per cent to hit Rs 251.75 -- its lower circuit limit -- against Rs 261.85.

Shares of the company listed at Rs 262 on the NSE but later declined 4.94 per cent to Rs 248.90 -- its lower circuit limit. The company commanded a market valuation of Rs 1,59,943.93 crore. The company is the 34th most valued firm in the pack of top 100 companies by market valuation.

In volume terms, 35.51 lakh shares of the company were traded on the BSE and over 7.47 crore shares on the NSE. Jio Financial Services Ltd (JFSL) demerged from Reliance last month. In a special price discovery session held on the record date last month, the stock's pre-listing price came out to be Rs 261.85. HPCL Recruitment 2023: Vacancies Notified for 276 Mechanical Engineer and Other Posts, Apply Online at hindustanpetroleum.com.

In the equity market, the BSE Sensex climbed 267.43 points to settle at 65,216.09. The NSE Nifty gained 83.45 points to end at 19,393.60. With the company's listing, the BSE Sensex and the NSE Nifty added Jio Financial Services to their pack. This has been done to ensure price stability and limit volatility in shares of RIL in view of the demerger as part of the revised methodology of the exchanges to treat demergers.

The BSE Sensex had Jio Financial as the 31st firm and the Nifty had the company as its 51st stock. The newly listed entity would be removed from the indices after the end of the day on the third day of its listing. Meanwhile, shares of Reliance Industries declined 1.50 per cent to settle at Rs 2,518.25 on the BSE.

"Trading members of the exchange are hereby informed that effective from Monday, August 21, 2023, equity shares of Jio Financial Services Ltd (formerly known as Reliance Strategic Investments Limited) shall be listed and admitted to dealings on the exchange in the list of T Group of securities," BSE said in a notice on Friday.

The scrip will be in the Trade-for-Trade segment for 10 trading days, it had said.

Reliance Industries demerged its financial services undertaking into RSIL (Reliance Strategic Investments Ltd), which was renamed as JFSL. Shareholders got one JFSL share for each Reliance share they held.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)