RIL AGM: Jio Financial shares drop 6% from day's high. Here's what went wrong
Mukesh Ambani revealed little about future plans in the highly competitive and regulated business at the annual general meeting (AGM) of Reliance Industries on Monday.
The stock had hit a 5% upper circuit after Ambani started reading out his speech but as there were hardly any triggers, the counter succumbed to selling pressure once again.
Ambani's announcement that JFSL will enter the insurance segment came as no surprise to investors as the company's information memorandum has already laid out four key businesses that the company intends to target — retail lending, asset management, insurance, and digital payments.
During the AGM, Ambani announced that JFSL will soon offer simple and smart products in life, general, and health through a seamless digital interface, potentially partnering with global players.
He said the company will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way.
“In payments, JFSL will consolidate its payments infrastructure with a ubiquitous offering for both consumers and merchants, further driving digital payment adoption for India. JFS products will not just compete with current industry benchmarks but also explore path-breaking features such as blockchain-based platforms and CBDC.
