Shares of Jio Financial Services, the demerged financial services unit of Reliance Industries, fell by 5% on Wednesday to hit its lower circuit limit for the third day running. The stock declined 5% to hit its lower circuit limit of Rs 227 on the BSE. At the NSE, it fell by 5% to hit its lowest trading permissible limit for the day at Rs 225. The company now has a market valuation of Rs 1,44,378 crore.
Shares of Jio Financial Services listed on the bourses on Monday. Jio Financial demerged from Reliance last month. Shareholders got one JFSL share for each Reliance share they held. The BSE on Tuesday postponed the removal of Jio Financial Services from all S&P BSE indices to August 29. Earlier, the stock was scheduled to be removed from the indices on August 24.
Moreover, if JFSL continues to hit lower circuits in the next two days, the removal date will be deferred by another three days, according to the notice. Additionally, in case JFSL does not hit the lower circuit limit on either of the next two days but hits the lower circuit limit on the third day, the removal of JFSL from all S&P BSE Indices will be deferred by another three days, it added.
