Jio Financial Services: The decision to delist Jio Financial Services from BSE Sensex and NSE Nifty has been postponed for three days. Jio Financial was listed on the stock exchange on Monday, August 21, 2023, after which the stock has been closing on the lower circuit for two consecutive days. Due to this, the decision to exclude Jio Financial Services from both the major indices of the Indian stock market has been postponed for three days.
Asia Index Pvt Ltd issued a statement saying that The Index Committee has postponed the decision to remove Jio Financial Services from all indices of S&P BSE for three days. Earlier, from August 24, 2023, Jio Financial was to be excluded from the indices. But since the listing, the lower circuit is being felt in the stock since two days. Due to which the decision to remove the stock from the index has been postponed.
The stock closed at Rs 248.90 on the NSE with a fall of 5 per cent after the stock hit lower circuit on the first day of listing. So on the second day also the stock has closed at Rs 236.45 on the lower circuit of 5 per cent. It is being speculated that the institutional investors and mutual funds who got Jio Financial’s shares after Reliance’s demerger are selling Jio Fin’s shares, due to which the stock is taking a lower circuit. The talk of selling 145 million shares by mutual funds is coming to the fore. Exchange Traded Funds (ETF Funds) are also selling Jio Fin shares.
Read also
Get more latest business news updates