Jio Financial Services share price locked at 5% lower circuit for third straight day
₹227.25 apiece as compared to previous close of ₹239.20 on BSE. On NSE, JFSL shares hit a 5% lower circuit at ₹224.65 at the open. Jio Financial Services Limited (JFSL), the demerged financial arm of Reliance Industries, made a lackclustre stock market debut on August 21.
JFSL shares were listed at ₹265 per share on the BSE and ₹262 per share on the NSE as compared to its discovered price of ₹261.85 apiece. JFSL shares have been falling continuously and hitting 5% lower circuits since its listing amid heavy institutional selling and offloading by passive funds. JFSL shares were scheduled to exit from Nifty and Senex on August 23.
However, on Tuesday, the stock exchanges postponed the exclusion and announced that JFSL shares will now be excluded from the Nifty50 and Sensex on August 28, instead of August 23. Read here: Jio Financial Services exclusion from Nifty, Sensex postponed to August 28 The exclusion comes after the newly-listed stock hit lower circuit for two consecutive sessions after listing. JFSL will now be removed from all the S&P BSE Indices effective prior to the open of trading on Tuesday, August 29, 2023.
Should JFSL continue to hit lower circuit on the next two days, the removal date will be deferred by another three days, according to the BSE circular. Additionally, should JFSL not hit the lower circuit limit on either of the next 2 days, but hits the lower circuit limit on the third day, the removal of JFSL from all the S&P BSE Indices will be deferred by another three days, it added. Also Read: Jio Financial Services Demerger: LIC acquires 6.66% shareholding in JFSL Nuvama Wealth Management analyst Abhilash Pagaria estimated that passive funds tracking the Nifty could sell around 90 million shares
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