Jio Financial Services share price extend gains; locked at 5% upper circuit; here's why
₹232.70 apiece on the BSE. On NSE, JFSL shares were also at 5% upper circuit limit at ₹231.25 apiece, becoming the top Nifty gainer. According to ET Now report, promoter entity Jamnagar Utilities and Power, a step-down unit of Reliance Industries (RIL), likely bought about 5 crore Jio Financial Services shares at ₹208-211 apiece.
Even on Tuesday, JFSL shares gained on reports of a block deal wherein around 0.8% equity of the company was traded. Meanwhile, Motilal Oswal Mutual Fund had acquired 3.72 crore shares, or 0.6% stake, of Jio Financial Services via open market transaction on August 25. The shares were bought at ₹202.8 apiece for a transaction value of ₹754 crore.
JFSL shares are set to be removed from the stock exchange indices, including Sensex, Nifty, among others, on August 31. Read here: Motilal Oswal Mutual Fund acquires 3.72 crore shares of Jio Financial Services for ₹754 crore Jio Financial Services was listed on the stock exchanges on August 21 after its demerger with the billionaire Mukesh Ambani-led oil-to-telecom conglomerate Reliance Industries. The stock was listed at ₹265 apiece on the BSE and ₹262 per share on the NSE as compared to its discovered price of ₹261.85 apiece.
Since listing, the stock has been under selling pressure by institutional investors. The passive funds have been selling JFSL shares as they have to exit from the stock and adjust their index portfolio before it is removed from the indices. Meanwhile, during the Annual General Meeting (AGM) on Monday, Reliance Industries Chairman Mukesh Ambani announced that Jio Financial Services will enter the insurance segment to offer life, general and health insurance products.
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