Jio Financial incorporates subsidiary for distribution of financial products; stock gains nearly 2%
The development comes nearly a month after JFSL received approval from the RBI for conversion of the firm from NBFC to a core investment company.
The development comes nearly a month after JFSL received approval from the RBI for conversion of the firm from NBFC to a core investment company.
Snapping three sessions gaining streak, Jio Financial shares declined 2.4% to ₹346.80, while its mcap slipped to ₹2.20 lakh crore.
JFSL shares rise over 20% in the last six sessions after Mukesh Ambani, at RIL’s 46th AGM, announced that the company will soon enter India’s insurance segment.
JFSL shares gained 8.8% to hit an intraday high of ₹267 on the BSE, while the market capitalisation climbed to ₹1.67 lakh crore.
While RIL shares gained 0.3% in early trade, JFSL snapped five sessions losing streak and rose 2.6% on the BSE.
JFSL shares turned positive for the first time since its listing on the stock exchanges on August 21, driven by strong volume trade.
Stock exchanges postponed the exclusion of JFSL from key indices to August 29 from August 24 earlier, after the stock hit its lower circuit limit for two straight sessions.
The shares of the demerged entity of Reliance Industries have fallen 10% in two sessions due to surge in institutional selling.
JFSL shares listed at ₹265 on the BSE and ₹262 on the NSE, against its discovered price of ₹261.85 at a special pre-open session conducted by the NSE on July 20.
The listing date of JFSL has been fixed a day before when FTSE Russell will drop the company from its indices.