Shares of Jio Financial Services (JFS), the financial arm of Reliance Industries Limited, fell 5% on the stock exchange.
Jio Financial Services (JFS), the financial arm of Reliance Industries, went public at Rs 262 per share on the National Stock Exchange (NSE) and Rs 265 on the Stock Exchange Bombay (BSE). However, the company's shares fell across both indexes, hitting 5% lower amid selling pressure, as analysts have pointed out.
On the NSE, shares of JFS traded down 5% at Rs 248.9 per share, while its shares traded at Rs 251.75, also down 5% on the BSE. With this, the total market capitalization of the company stands at almost Rs 1.59 lakh. Note that for the next 10 days, JFS will operate on the Trade-to-Trade or T2T segment, where shares can only be purchased on delivery. There will be no intraday trading in JFS stock.
Analysts emphasized before the listing that the stock is unlikely to see any major volatility due to the 5% cycle limit but added that the company will face selling pressure because of its many shareholders. will now register profits.
Recently, JFS shares were credited to the Demat accounts of eligible shareholders at a ratio of 1:1 report. It can be noted that after the special trading session on July 20, the price of JFS was discovered at Rs 261.85 each, much higher than what most brokers have set. In its annual report, Reliance Industries (RIL) said the established financial unit will create value for shareholders and allow them to participate in a "new growth platform".
