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Jio Financial Services to exit Nifty 50 and other NSE indices from September 7

EditorAmbhini Aishwarya
Published 2023/09/05, 16:18

Jio Financial Services, a subsidiary of Reliance Industries (RIL), is set to be removed from the Nifty 50 and other key indices of the National Stock Exchange (NSE) effective from Wednesday, September 7, as per the announcement by NSE Indices on Tuesday. This decision comes on the heels of a similar move by the Bombay Stock Exchange (BSE) where Jio Financial was recently excluded from Sensex and other BSE indices.

On Monday, Jio Financial's shares saw a significant surge of up to 9%, moving past its listing day price of Rs 262 ($1 = INR83.059) on the NSE. The stock's upswing is attributed to an adjustment in the circuit limit, which was increased from 5% to 20%.

The company made its debut on the stock exchanges on August 21, following the demerger of RIL's financial services business. However, in the initial days post-listing, the stock faced selling pressure primarily from passive funds adjusting their portfolios in anticipation of its removal from benchmark indices like Nifty 50 and Sensex.

Jio Financial was temporarily included in key indices of both NSE and BSE on July 21. This inclusion was facilitated through a special pre-open session in RIL to derive the initial price for Jio Financial.

As for Tuesday's trading session, Jio Financial's shares closed at Rs 255.30 on the NSE, marking a modest increase of 0.7%. Concurrently, parent company RIL's stock also experienced a slight uptick, closing at Rs 2,426 with a growth of 0.6%.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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