iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Jio Financial shares rise 10% after falling for the fifth day in a row

25 Aug 2023 , 03:46 PM

After falling for five straight sessions after their offering, Jio Financial Services (JFS) stock found some buyers on Friday. On Friday as well, the stock was trapped in the seller’s circuit, but it reversed course when investors made offers to purchase Reliance Industries (RIL), which had just been demerged.

After reaching the lower circuit on Friday, shares of Jio Financial Services fell as low as Rs 205.15. However, during the session, the stock recovered almost 10% to Rs 224.80, with a total market capitalization of more than Rs 1.4 lakh crore. The stock, however, increased more than 4% from its Thursday closing of Rs 215.90.

On August 21st, Jio Financial Services shares were floated on the stock exchanges for Rs 265 per share. Before finding any buyers, the stock saw a 23% correction over the course of five days. Investors are now eagerly anticipating Reliance Industries’ annual general meeting, which is set on August 28.

The elimination of JFS from stock indexes was delayed by three days earlier this week by the index committee of Asia Index Private Limited because of the stock’s prolonged lower circuit for two more days after the original removal date. The passive funds, which were expected to leave the counter, were a big factor in starting the sell-off.

‘In addition, if JFS does not reach the lower circuit limit on any of the following two days but does so on the third day, the removal of JFS from all S&P BSE Indices will be postponed for an additional three days. Any removal postponement will be disclosed as soon as practicable, and any modifications to this strategy will be made known through the usual ways, according to Asia Index Private Limited.

Nifty index passive trackers may be able to sell around 9 crore shares at exclusion, or about $290 million. 

For the first ten days following the IPO, Jio Financial’s stock was listed in the T-group section of the exchanges. This means that there will be a 5% circuit limit for both buyers and sellers, and there will be no intraday trading in the stock. This will limit the stock’s ability to move significantly.

For feedback and suggestions, write to us at editorial@iifl.com

Reliance

Related Tags

  • JFS
  • Jio
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.