Jio Financial Services hits lower circuit soon after market debut
What's the story
Reliance Industries-owned Jio Financial Services (JFS) hit the lower circuit soon after its debut on the stock exchanges. It is currently at Rs. 248.90 apiece, down 4.95%. The scrip debuted on the NSE at Rs. 262/share and the BSE at Rs. 265/share. Its discovered price was Rs. 261.85 apiece. Veteran banker KV Kamath has been appointed as the chairperson of JFS.
Type
Nearly 1.5 crore shares sold in pre-market trade
For the first 10 days after listing, the shares of Jio Financial Services will be traded in the Trade-To-Trade segment. Shares under this category can solely be purchased under delivery and are ineligible for intraday trading. Notably, 1.4 crore shares of JFS switched hands during the pre-market block trade. It will sport a 5% circuit filter over the next 10 trading sessions.
Stats
How is Reliance Industries faring?
Following the JFS listing, shares of Reliance Industries are the top losers on the Nifty 50 index. Its stocks are now trading with losses of 1.2% and have declined in three out of the last four trading sessions. Meanwhile, JFS rival Bajaj Finance, is trading at a three-month low. Its stock prices have gone down for the sixth straight day.