Jio Financial Services shares hit upper circuit for third straight trading session

New Delhi: Shares of Jio Financial Services Ltd (JFSL), the demerged financial services unit of Reliance Industries, on Wednesday touched its upper circuit limit for the third consecutive day.

Jio Financial Services jumped by 4.99 per cent to close at Rs 232.70 apiece -- its upper circuit limit -- on the BSE. On the NSE, it climbed 4.99 per cent to hit its upper circuit limit of Rs 231.25 per share. The company commanded a market valuation of Rs 1,47,840.92 crore on the BSE. In volume terms, 72.41 lakh shares were traded on the BSE while 2.14 crore shares were traded on the NSE. The 30-share BSE Sensex and Nifty closed on a flat note at 65,087.25 points and 19,347.45 points, respectively, on Wednesday.

During the Annual General Meeting (AGM) on Monday, Reliance Industries Chairman Mukesh Ambani announced that Jio Financial Services will enter the insurance segment to offer life, general and health insurance products. It will leverage 450 million mobile phone subscribers' base of the telecom arm, Jio to sell its products, including payment services, he had said.

Also, JFSL has announced a joint venture with BlackRock for mutual funds business. Last week, Motilal Oswal Mutual Fund acquired 3.72 crore shares of Jio Financial Services for Rs 754 crore through an open market transaction.