Jio Financial shares hit 5% lower
circuit on mkt debut
Shares of Jio Fi- nancial Services,
which was spun off from Reliance Indu- stries in July, fell nearly 5% on Monday
at its trading debut.
The stock hit the 5% lower circuit-the most
it can fall in a day-to close at Rs 252 on the BSE. The stock is likely to have
faced selling pressure from passive funds ahead of its ex- clusion from indices
including the sensex and Nifty after three trading days, analysts said.
"The listing was below street
expectations. Jio Fi nancial will face short-term selling pressure as the
street has assumed the fair value of the shares to be Rs 150-180 apie-
ce." As per the source information.
After a 1-hour trading ses- sion last month,
Jio Financial shares were priced at Rs 262 apiece-giving the company a
valuation of nearly Rs 1.7 lakh crore. Even after the fall in stock price, Jio
Financial, at Rs 1.6 lakh crore, is the se- cond-most valued NBFC in In- dia,
behind Bajaj Finance. Jio Financial was temporarily added to the sensex and
Nifty to reduce volatility
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