The demerger between Jio Financial Services Limited (JFSL) and Reliance Industries (RIL) has recently attracted significant attention among investors and traders. The shares of Jio Financial Services were credited to the demat account of investors over the course of last week. Shareholders who had one share of RIL, received one share of Jio Financial Services, according to the demerger. This update impacted the prices of Reliance Industries, which led to the rise of its share prices by 1% to Rs. 2566.85 on BSE.
How Jio Financial Services Performed After Listing?
Jio Financial Services Limited’s stock price was discovered at Rs. 261.85 per share. The shares were listed at Rs. 265 on BSE and Rs. 262 on NSE. Formerly known as Reliance Strategic Investments Limited, JFSL, is listed in the T group of securities, for surveillance measures for the first 10 days. This means that investors can only trade in delivery and no intraday trading can be performed. The market cap of JFSL is around Rs. 1.6 Lakh crores basis the opening price of the shares.
JFSL share prices fell by 5% as soon as it was listed on the exchanges. They were locked at a 5% lower circuit at Rs. 251.75 on BSE and Rs. 248.90 on NSE. The impact was also visible on RIL share prices as it fell by 1% to Rs. 2529.00.
Future Plans and Management
Jio Financial Services aims to offer a broad range of financial services solution catering to both merchants and consumers. The company primarily aims to create its presence in the NBFC segment and credit markets and gradually expand its services into digital payments, asset management, and insurance solutions. It has already announced an initial investment of $300 million to create a mutual fund company in partnership with Blackrock, the world’s largest asset manager.
RIL Chairman and MD, Mukesh Ambani has expressed his optimism about the way JFSL is uniquely positioned in the financial sector and aims to revolutionize digital finance in the country.
The top management positions for Jio Financial Services Limited are occupied by two banking pioneers, KV Kamath, Chairman, and Hitesh Sethia, MD, and CEO.
Jio Financial Services Limited shares will be dropped from NSE and BSE T+3 days after its listing. However, it will continue to remain in MSCI and FTSE indices. The stocks will be eligible to be added to the indices in the next cycle.
