NEW DELHI: Jio Financial Services (JFS) shares fell as much as 5% in their trading debut on Monday, valuing the company at Rs 1.58 trillion.
Jio Financial Services Ltd demerged from Reliance last month.
JFS stock opened at Rs 262 and fell to a low of Rs 248.90.
The current valuation makes it the third-largest non-banking financial company (NBFC) in India, behind Bajaj Finance and Bajaj Finserv, which are valued at Rs 4.15 trillion aRs 2.32 trillion, respectively.
In a special price discovery session held on the record date last month, the stock’s pre-listing price came out to be Rs 261.85 per share.
“Trading members of the exchange are hereby informed that effective from Monday, August 21, 2023, the equity shares of Jio Financial Services Ltd (formerly known as Reliance Strategic Investments Limited) shall be listed and admitted to dealings on the exchange in the list of T Group of securities,” BSE said in a notice on Friday.
Reliance Industries demerged its financial services undertaking into RSIL (Reliance Strategic Investments Ltd), which was renamed as JFSL (Jio Financial Services Ltd). Shareholders got one JFSL share for each Reliance share they held.
Jio Financial Services Ltd demerged from Reliance last month.
JFS stock opened at Rs 262 and fell to a low of Rs 248.90.
The current valuation makes it the third-largest non-banking financial company (NBFC) in India, behind Bajaj Finance and Bajaj Finserv, which are valued at Rs 4.15 trillion aRs 2.32 trillion, respectively.
In a special price discovery session held on the record date last month, the stock’s pre-listing price came out to be Rs 261.85 per share.
“Trading members of the exchange are hereby informed that effective from Monday, August 21, 2023, the equity shares of Jio Financial Services Ltd (formerly known as Reliance Strategic Investments Limited) shall be listed and admitted to dealings on the exchange in the list of T Group of securities,” BSE said in a notice on Friday.
Reliance Industries demerged its financial services undertaking into RSIL (Reliance Strategic Investments Ltd), which was renamed as JFSL (Jio Financial Services Ltd). Shareholders got one JFSL share for each Reliance share they held.