Shares of Jio Financial Services (JFS) dropped by 5% to ₹248.9 on the NSE soon after their debut, following several block deals on the major stock exchange.
What Happened? Initially known as Reliance Strategic Investments Limited, the company opened at ₹265 on BSE, a 5.5% increase from its pre-open session value of ₹251. Meanwhile, it started at ₹262 on NSE.
Upon listing, the company boasted a market capitalisation of ₹1.68 lakh crore, ranking it as India’s 33rd most valuable firm and the third-largest NBFC, trailing only the Bajaj duo – Bajaj Finance and Bajaj Finserv. This market cap even surpasses several Nifty 50 giants like Hero MotoCorp and Britannia.
Worth taking note: For the initial 10 days after listing, investors can only trade the stock on a compulsory delivery basis on both BSE and NSE. This means they can’t engage in intraday trades or buy and sell JFS shares on the same day until the shares reflect in their demat account. Any such orders will face rejection. Additionally, the stock’s price movement will have a 5% cap.
On July 20, 2023, a special session allowed RIL shareholders to trade the RIL stock. During this, Jio Financial Services’ share price settled at ₹261.85, surpassing the expected ₹170. The stock will exit Nifty 50 on August 24, 2023, three days post its listing.
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