Jio Financial Services share price gains over 3% on block deal buzz
₹218.50 apiece on the BSE. According to an Economic Times report, around 0.8% equity of Jio Financial Services changed hands in the block deal. Jio Financial Services shares were also among the top gains on the Nifty index.
However, JFSL shares will be removed from Sensex, Nifty and other indices with effect from September 1, as per the exchange norms. Jio Financial Services Ltd (JFSL) 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 its listing, JFSL stock continued to hit lower circuit limits for consecutive sessions, on persistent selling from institutions who have to exit from the stock before it is removed from the indices. JFSL shares have plunged over 20% from its listing price, while its market capitalization has declined to around ₹1.37 lakh crore from ₹1.61 lakh crore. 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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