On Monday, August 21, 2023, Jio Financial Services Ltd (JFSL) was listed, and immediately after, it dropped to lower circuit, the same was the case in Today’s session. Now, Asia Index Private Limited (AIPL) has announced a delay in the removal of JFSL from all the S&P BSE Indices due to its recent performance.
What Happened: JFSL was to be removed from all the S&P BSE Indices on August 23, following its listing on Monday, August 21, 2023. However, with the stock hitting the lower circuit limit for two consecutive days, the removal has been postponed by three days. In a BSE notice, the index committee further said that If JFSL continues this trend, the removal date might be deferred further.
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JFSL will now be removed from all the S&P BSE Indices effective prior to the opening of trading on Tuesday, August 29, 2023. While the NSE is yet to confirm the same, it is expected to follow suit in line with the current demerger guidelines.
The much-anticipated listing of Jio Financial Services, a spin-off from Mukesh Ambani's Reliance, had a challenging start with shares plunging 5% on their debut. The listing price was below market expectations due to selling pressure from institutional investors and mutual funds. Despite the initial challenges, Jio Financial’s long-term prospects remain positive, with ventures into various financial sectors, including a partnership with BlackRock.
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