From 1 September Jio Financial will be removed from the BSE Indices.
The demerged non-banking financial services division of Mukesh Ambani’s Reliance group, Jio Financial Services Ltd, would be removed from all S&P BSE Indices, including the Sensex, on September 1, the stock market BSE announced on Thursday.
The stock was previously scheduled to be dropped from the indices on August 24. Later, August 29 was chosen as the new date. The stock’s exclusion was delayed because it kept striking the lower circuit.
Because Jio Financial Services Ltd. (JFSL) was spun out from parent company Reliance Industries on August 21, its shares were placed on stock platforms.
“Jio Financial Services Ltd will be removed from all the S&P BSE Indices with effect prior to the opening of trading on Friday, September 1, 2023,” BSE stated in a circular.
BSE and S&P Dow Jones Indices’ joint venture, Asia Index, reported that JFSL did not hit the lower circuit on August 29 or August 30. On the third day, August 31, JFSL would not have been removed from all S&P BSE Indices if it had touched the lower circuit.
Jio Financial’s shares increased 5% on Thursday, reaching its upper circuit limit on the stock exchanges.
The Index Committee has decided that a cut-off time of 2 pm IST will be used for the lower circuit limit evaluation in order to give clients clarity. The business will be removed from all S&P BSE Indices before to the start of trading on Friday, September 1 if JFSL does not reach the lower circuit before the cut-off time, according to the circular.
Jio Financial Services will enter the insurance industry to offer life, general, and health insurance products, Reliance Industries Chairman Mukesh Ambani stated during the Annual General Meeting (AGM) on Monday.
According to him, it will use Jio’s 450 million mobile phone consumers to market its offerings, which will include payment services.
