Key Points
The shares which listed earlier than anticipated fell to 251.75 on the BSE, giving it a market value of 1.6 lakh crore, after opening trade at 265 apiece..
The company, which has multiple lines of business in finance, was spun off from Reliance Industries.Jio's balance sheet was 1.1 lakh crore with 67,100 crore worth in Reliance Industries shares, and preference shares in associate companies worth 17,600 crore...
Mumbai: Jio Financial Services fell 5% on debut Monday amid expectations of a flood of sale orders from passive funds which can't hold the shares anymore..
The company, which has multiple lines of business in finance, was spun off from Reliance Industries.. "Jio Financial services will seek to optimise all that India provides," said chairman KV Kamath at the listing..
But investors expect the price to fall further as passive index funds sell their holdings, which they received for their ownership in Reliance Industries shares, to stay within their mandate of owning index stocks only..
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