Shares of Jio Financial Services, the demerged financial services arm of Nifty 50 heavyweight Reliance Industries Ltd. listed at Rs 262 per share. This is almost the same price as its discovered price of Rs 261.85.

Share Market Live

NSE

The stock had a special price discovery session on July 20, during which it was valued at Rs 261.85 per share, much higher than the market estimates that ranged between Rs 120 - Rs 200 per share.

Jio Financial Services will be trading under the Trade-To-Trade (T2T) segment for the first 10 days post listing. Under the T2T segment, stocks have to be bought only under the delivery method and are not eligible to be traded on an intraday basis. The stock will have a five percent circuit filter for the next ten trading sessions.

Reliance Industries on Friday had announced that the shares of Jio Financial Services will be listing on Monday, August 21. Soon after, FTSE index revoked the circular that had announced the removal of the stock from the indices as it had not listed within 20 business days of the price discovery session.

Chairman KV Kamath, during the listing ceremony said that Jio Financial Services will be an important player in India's financial services industry. He added that India is on the path of growth and that it will manage to double its GDP in the next eight to nine years.

Jio Financial Services could disrupt the consumer lending space, said Gurmeet Chadha of Complete Circle Consultants. He said that JFS needs to be looked at from a new-age company perspective and that consumer and that it can build a book for the next three years without diluting any further equity.

"Given the sheer size of this particular listing the space that it is in, and the capabilities that it comes along with, it's definitely going to be historic. So it's after what 17 years that you have a new listing from the Reliance table and that that means a lot. So you probably have a much wider broader participation that will come through in the financial services space, not just from a stock perspective, but from an operational perspective as well," Prakash Diwan, market expert said.

"I think it's going to be a disruptive kind of a move, for them to be able to get into things which other players have taken much longer to establish. Sothe path to profitability, or the time to kind of reach optimal scale is going to be far more different and that's where the disruption is likely to be, rather than anything very fancy on products at all," he added.

Why Is The Stock In Lower Circuit? Deepak Shenoy Explains

"The Indian Index funds themselves hold probably around Rs 2 lakh crore worth of Reliance, I mean worth of overall AUM and if 10 percent of that or certain percentages of Reliance Jio financials, they will have to compulsorily sell it, which is why you're seeing this I think it's nearly Rs 3 crore shares, about 750 crore worth of volume that's sitting on the sell side and there's no buyer because everybody knows that these people have to compulsorily sell. So we're going to see a lot of time before it, stabilises in price. But I think also that they have to give us more insight into the business," Shenoy of Capitalmind told CNBC-TV18 on Monday.

Shares of Jio Financial Services are currently in a five percent lower circuit on the NSE at Rs 248.9.

First Published:Aug 21, 2023 10:01 AM IST