On the day of its first IPO, Jio Financial activates a lower circuit.
On its listing day, Jio Financial Services (JSF) shares experienced a 5 percent decline. The shares were locked at a 5 percent lower circuit, trading at Rs 251.75 on the BSE. They initially listed at Rs 265 per share, which was a slight premium compared to the derived price of Rs 261.85.
The stock falls into the ‘T’ group securities category on the BSE, meaning that intra-day trading in the stock is not allowed. The stock will remain in the Trade-for-Trade segment for 10 trading days. Reliance Industries, on the other hand, is also trading down by over 1 percent at Rs 2,529 on the BSE.
This listing follows the Scheme of Arrangement between Reliance Industries Limited (Demerged Company) & its Shareholders and Creditors & Jio Financial Services Ltd (Formerly known as Reliance Strategic Investments Limited) (Resulting Company) & its Shareholders and Creditors, which was approved by the NCLT Mumbai Bench.
