JFSL scrip hits lower circuit in debut trade

New Delhi Shares of Jio Financial Services, the demerged financial services unit of Reliance Industries, listed on the bourses on Monday, with the stock falling nearly 5 per cent on the NSE later in the trade. fell five per cent or Rs13.10 lower at Rs248.90 on NSE. On the BSE, shares of the company began the trade at Rs265, up 1.20 per cent against Rs261.85, the price fixed at a special price discovery session held last month. However, the stock later fell by 3.85 per cent to hit Rs251.75 -- its lower circuit limit -- against Rs261.85. Shares of the company listed at Rs262 on the NSE, but later declined 4.94 per cent to Rs248.90 -- its lower circuit limit. The company commanded a market valuation of Rs1,59,943.93 crore in morning deals. Jio Financial Services Ltd (JFSL) demerged from Reliance last month. In a special price discovery session held on the record date last month, the stock’s pre-listing price came out to be Rs261.85.

“Trading members of the exchange are hereby informed that effective from Monday, August 21, 2023, 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. The scrip will be in the Trade-for-Trade segment for 10 trading days, it had said. Reliance Industries demerged its financial services undertaking into RSIL (Reliance Strategic Investments Ltd), which was renamed as JFSL. Shareholders got one JFSL share for each Reliance share they held.