JFSL had a special price discovery session on 20 July, during which it was valued at Rs 261.85 per share, significantly above the market estimates that ranged between Rs 120 and Rs 200 per share.
Jio Financial Services share price fell 5 per cent soon after listing on the stock exchanges on Monday. The stock was locked at a 5 per cent lower circuit at Rs 251.75 per share on the BSE
JFSL had a special price discovery session on 20 July, during which it was valued at Rs 261.85 per share, significantly above the market estimates that ranged between Rs 120 and Rs 200 per share.
Jio Financial Services will primarily operate in the NBFC and credit market segments. The company aims to expand its strategic plans to expand its operations into insurance, digital payment, and asset management verticals.’
Jio Financial Services Ltd (JFSL), a demerged entity of Reliance Industries, made a tepid debut on the stock exchanges on Monday. The stock was listed at Rs 265 on the Bombay Stock Exchange (BSE) and Rs 262 on the National Stock Exchange (NSE). The share price fell 5 per cent soon after listing on the stock exchanges on Monday. Jio Financial shares were locked at a 5 per cent lower circuit at Rs 251.75 per share on the BSE.
The stock witnessed an intraday high of Rs 278.20 on the BSE and Rs 262.05 on the NSE.
The market capitalization of a non-banking financial company (NBFC) was estimated at Rs 1.66 crore at the time of listing. Currently, the mcap stands at Rs 1,59,943 crore at a share price of Rs 251.75 per share on the BSE.
The stock will be trading under the Trade-To-Trade (T2T) segment for the first 10 sessions after listing.
Reliance shareholders have received one share of JFSL for holding one share of RIL.
Jio Financial Services is the 31st stock on the BSE Sensex and the 51st stock on the NSE Nifty 50. It will be removed from the indices after the end of the session on the third day of its listing.