Jio Financial Services only Sellers at 248

On August 21, Jio Financial Services marked its highly-anticipated debut on the stock exchanges, entering the market at Rs 265—a value impressively close to the discovered price of Rs 261.85. Trading commenced at Rs 262 on the NSE, slightly below the Rs 265 on the BSE.

This move established the company’s market capitalization at a substantial Rs 1.66 lakh crore during listing. Presently, the stock is seeing only sellers.

As a subsidiary of Reliance Industries, Jio Financial Services is positioned to play a pivotal role in the financial services sector, with a primary focus on the Non-Banking Financial Company (NBFC) and credit market segments. Notably, the company aims to diversify into insurance, digital payment, and asset management—an aspect of its strategy that stands out.

As part of a demerger arrangement, existing Reliance Industries shareholders have received one share of Jio Financial Services for each Reliance share held.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, stressed Jio Financial Services’ distinct position in tapping into the evolving financial landscape. In the company’s annual report for 2022-23, Ambani highlighted the transformative role the company is poised to play in India’s digital finance sphere.

Jio Financial Services seamlessly entered the stock market indices, securing the 51st slot in the Nifty 50 and holding the 31st position on the Sensex. However, it’s essential to note that this placement is temporary. The stock is scheduled to exit both indices at the end of the third day since its listing, signifying its departure on August 24.