Jio Financial Services: Stock Lists At Rs 262 On NSE And At Rs 265 On BSE; Shares Hit 5% Lower Circuit

The market capitalisation of Jio Financial Services was estimated at Rs 1.66 lakh crore at the time of listing

JFSL stock will be in the trade-to-trade segment for the next 10 sessions. ( Image Source :Getty )

Jio Financial Services Ltd (JFSL), a subsidiary of Reliance Industries, debuted on the stock exchanges on Monday, listing at Rs 265, close to the discovered price of Rs 261.85. JFSL began trading at Rs 262 on the NSE, while the price on the BSE stood at Rs 265. The market capitalisation of the NBFC was estimated at Rs 1.66 lakh crore at the time of listing.

JFSL share price dipped 5 per cent soon after listing on the stock exchanges. Shares were locked at 5 per cent lower circuit at Rs 251.75 apiece on the BSE. The shares made an intraday high of Rs 278.20 on the BSE and Rs 262.05 on NSE following the listing. However, shares succumbed to selling pressure and the the stock was locked at 5 per cent lower circuit at Rs 248.90 apiece on NSE.

The bourse had conducted a special pre-open session for the demerged entity on July 21 in which the discovered price for the stock worked out to be Rs 261.85 and the implied market cap was Rs 1.65 lakh crore. JFSL's M-cap now stands at Rs 1,59,943 crore at a share price of Rs 251.75 apiece on the BSE. The company’s M-cap on NSE stands at Rs 1,58,133 crore at the current share price of Rs 248.90 apiece.

#WATCH | Shares of Jio Financial Services (JFSL) listed on Bombay Stock Exchange pic.twitter.com/kkjrhzqjGP

— ANI (@ANI) August 21, 2023

JFSL stock will be in the trade-to-trade segment for the next 10 sessions. JFSL will primarily operate in the NBFC market and credit market segments and has strategic plans to expand its operations into insurance, digital payment, and asset management verticals.

Share price of JFSL will be in the Trade-for-Trade segment for 10 trading days, hence, no intraday trading will be allowed in shares. Investors can perform only delivery based buying and selling under T2T Group stock.

"Trading members of the exchange are hereby informed that effective from Monday, August 21, 2023, the 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.

Reliance Industries demerged its financial services undertaking into RSIL (Reliance Strategic Investments Ltd), which was renamed as JFSL (Jio Financial Services Ltd). Shareholders got one JFSL share for each Reliance share they held. Last month, Mukesh Ambani's Reliance Industries demerged JFS, setting its stock price at a notably higher-than-anticipated Rs 261.85. This valuation, achieved through a special trading session, placed JFS worth around $20 billion.