|
JIOFIN was initially included in various indices by NSE Indices after the demerger of its financial services business from Reliance Industries (RIL). The operations were transferred to Reliance Strategic Investments (RSIL), later renamed Jio Financial Services Ltd (JFSL). Shareholders received one JFSL share for each RIL share they held.
However, as JIOFIN did not hit the price band on consecutive trading days (4th and 5th September 2023) at the National Stock Exchange (NSE), the Index Maintenance Sub-Committee decided to exclude JIOFIN from the indices starting 7 September 2023.
The stock will be excluded from 19 indices, including Nifty 50, Nifty 100, Nifty 200, Nifty 500, Nifty50 Equal Weight, Nifty100 Equal Weight, Nifty500 Multicap 50:25:25, Nifty Commodities, Nifty Energy, Nifty India Manufacturing, Nifty Infrastructure, Nifty LargeMidcap 250, Nifty Low Volatility 50, Nifty Mobility, Nifty Oil & Gas, Nifty Total Market, Nifty100 ESG, Nifty100 Liquid 15, and Nifty100 Low Volatility 30.
NSE Indices stated that the exclusion will not be deferred further if JIOFIN reaches the price band on September 6, 2023.
Since its lackluster start on 21 August 2023, with a modest debut, where the shares were listed at Rs 265 on the BSE and Rs 262 on the NSE, JIOFIN's market capitalization on the NSE currently stands at Rs 1,61,37,341.84 crore.
JFSL has ambitious plans to expand into insurance, digital payment, and asset management sectors, positioning itself as a direct competitor to industry leaders like Paytm and Bajaj Finance. This spinoff is expected to complement RIL's consumer business, which includes the largest wireless operator in India and a retail chain with over 17,000 stores.
|