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Jio Financial Services Ltd (JFSL) shares had a lackluster start on the stock exchanges on Monday, with a tepid debut. The shares were listed at Rs 265 on the BSE and Rs 262 on the National Stock Exchange (NSE). Although the listing price was slightly above its discovered price of Rs 261.85 per share, the market response was relatively subdued. The scrip hit a 5% lower circuit to freeze at Rs 251.75 on the BSE.
JFSL's equity shares, formerly known as Reliance Strategic Investments, have been admitted to dealings on the exchange in the T group of securities. This places JFSL shares in the Trade-for-Trade (T2T) segment for the next 10 trading days. Consequently, no intraday trading will be allowed in JFSL shares, with investors limited to delivery-based buying and selling under the T2T Group stock.
Despite the lackluster debut, Jio Financial Services has managed to achieve an impressive market capitalization of nearly Rs 1.6 lakh crore at the opening price. The company's market capitalization on the BSE now stands at Rs 1,59,943 crore, with a share price of Rs 251.75. On the NSE, the market capitalization stands at Rs 1,58,133 crore, with a share price of Rs 248.90.
The financial services operations of Reliance Industries (RIL) were demerged and transferred to Reliance Strategic Investments (RSIL), subsequently renamed Jio Financial Services Ltd (JFSL). Shareholders received one JFSL share for each RIL share they held.
JFSL has ambitious plans to offer a diverse range of financial services solutions and expand into insurance, digital payment, and asset management sectors.
With this spinoff, JFSL will become the fifth-largest financier in terms of capital, positioning itself as a direct competitor to prominent names like Paytm and Bajaj Finance. Additionally, it is expected to complement RIL's consumer businesses, which include the largest wireless operator in India with approximately 428 million users, and a retail chain with over 17,000 stores.
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