Jio Financial Services (JFS) will be removed from the BSE Indices, including the benchmark 30-pack Sensex, on September 1, the Bombay Stock Exchange said.
“Effective prior to the open of trading on Friday, September 01, 2023 , Jio Financial Services Ltd will be removed from all the S&P BSE Indices following its listing on Monday, August 21, 2023, due to its spin-off from its parent, Reliance Industries,” the BSE notice said.
The stock marked its third consecutive session of gains and closed at an upper circuit of 5 per cent, reaching Rs 242.50 a share on BSE.
According to Nuvama Alternative Research, JFS constitutes 1.1 per cent of Sensex’s weight, potentially leading to a passive selling of about 60 million shares (worth approximately $180 million).
It said Jio Financial won’t be removed from Nifty indices until the newly formed entity avoids price limits (upward or downward) for two consecutive days.
While addressing the stakeholders at the Reliance AGM 2023, Reliance Industries chairman Mukesh Ambani Jio Financial Services has been conceptualised to fill a critical gap in the financial services sector catering needs of a large section.
Reliance Industries chairman Mukesh Ambani on Monday shared three key reasons why he is absolutely confident on the success of his new venture – Jio Financial Services (JFS) Limited.
They were: Digital first architecture, Strong capital foundation, and Strong board and leadership.