Jio Financial falls 5% in market debut, valued at Rs 1.58 trillion – Newz9

NEW DELHI: Jio Financial Services (JFS) shares fell as a lot as 5% in their buying and selling debut on Monday, valuing the corporate at Rs 1.58 trillion.
Jio Financial Services Ltd demerged from Reliance final month.
JFS inventory opened at Rs 262 and fell to a low of Rs 248.90.
The present valuation makes it the third-largest non-banking monetary firm (NBFC) in India, behind Bajaj Finance and Bajaj Finserv, that are valued at Rs 4.15 trillion aRs 2.32 trillion, respectively.
In a particular value discovery session held on the report date final month, the inventory’s pre-itemizing value got here out to be Rs 261.85 per share.
“Trading members of the exchange are hereby informed that effective from Monday, August 21, 2023, the equity shares of Jio Financial Services Ltd (formerly known as Reliance Strategic Investments Limited) shall be listed and admitted to dealings on the exchange in the list of T Group of securities,” BSE mentioned in a discover on Friday.
Reliance Industries demerged its monetary providers endeavor into RSIL (Reliance Strategic Investments Ltd), which was renamed as JFSL (Jio Financial Services Ltd). Shareholders bought one JFSL share for every Reliance share they held.