Jio Financial Services lists at Rs 262 on NSE
In an eagerly awaited market entrance, Jio Financial Services (JFS), the separated financial wing of Reliance Industries, has made its impressive debut on the stock exchange, commencing at a noteworthy Rs 262 per share. The inaugural price closely mirrors the earlier determined value of Rs 261.85.
As trading kicked off on the Bombay Stock Exchange, the opening bell marked a promising Rs 265 for JFS. However, there was a slight stumble on the National Stock Exchange (NSE) as the company’s shares underwent a minor setback of over 4.5 percent, settling at an approximate Rs 251 around 10:05 am.
Notably, for the initial ten-day phase, Jio Financial Services is set to operate within the Trade-To-Trade (T2T) category. This entails that shares can be purchased exclusively for delivery purposes, excluding intraday trading. Movement within this segment will be bounded by a 5 percent circuit limit for both upper and lower thresholds.
Experts in the financial realm opine that significant fluctuations in the stock’s trajectory are unlikely, but a prudent scenario of profit booking is plausible. This assessment hints that the stock might encounter a degree of selling pressure.
It’s imperative to highlight that eligible shareholders received their JFS shares, credited directly to their demat accounts in a 1:1 ratio, during the preceding week. On July 20, an extraordinary trading session led to the determination of the stock’s value at Rs 261.85 per share. Remarkably, this figure surpassed the expectations of most brokerages.
About Jio Financial Services:
Jio Financial Services Ltd (JFSL) is poised to provide an extensive spectrum of financial services solutions, with intention to broaden its scope into the realms of insurance, digital payments, and asset management.
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