Jio Financial shares out of Nifty, stock trading flat
Jio Financial Services shares were trading flat at Rs 254 in Thursday's trade after the stock was excluded from Nifty and other NSE indices. However, in today's intraday trade, the stock rallied up to 2% to Rs 257.
Earlier, NSE Indices said in a release that Jio Financial Services will exit Nifty 50 and other indices of the NSE effective from September 7.
The news of exclusion from NSE indices comes nearly a week after the stock was excluded from Sensex and other BSE indices.
At 1.12 p.m., the stock was trading 0.4% higher at Rs 253.8. The stock got listed at Rs 265 apiece on August 21, a 1.18% premium over its discovered price of Rs 261.85 apiece on July 20.
In the initial days after listing, the stock was reeling under the selling pressure from passive funds, who had to adjust their portfolio prior to the removal of the stock from benchmarks Nifty 50 and Sensex.
While Sensex has already removed Jio Financial, MSCI and FTSE continue to include the stock in their indices.
Following the demerger of the financial services business of RIL, Jio Financial was temporarily included in key indices of NSE and BSE on July 21.
The inclusion took place by conducting a special pre-open session in RIL to derive the price of Jio Financial.
On Wednesday, shares of Jio Financial ended 0.9% lower on the NSE at Rs 252.8. Parent RIL’s stock ended 0.08% up at Rs 2,439.4.
At RIL's 46th annual general meeting (AGM), Chairman and Managing Director Mukesh Ambani called Jio Financial as the fourth growth engine.
