The shares of Jio Financial Services were listed in the stock market on 21 August 2023. At the same time, in the annual general meeting of Reliance (Reliance AGM 2023) held last month, Chairman Mukesh Ambani announced that his new company will also enter the insurance sector.
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| What will be the big news regarding Jio Finance? on Monday! |
Bombay Stock Exchange, the main index of the Indian Stock Market, has changed the circuit limit of Mukesh Ambani's new company Jio Financial Services. BSE has increased the circuit limit of the stock of non-banking financial services units from the existing 5 percent to 20 percent.
As per the details provided in the index report, the higher limit will come into effect starting Monday, which is September 4, 2023. This will be the first day of trading for the week.
The stock will exit the trade-to-trade segment
This step of BSE will ensure that the price of stocks of Jio Financial Services Limited (Jio Fin) does not fluctuate more than a certain limit in any one session.
Ups did not come. Along with this, market experts also believe that by next week, this share of Mukesh Ambani will be out of the 'trade-to-trade' segment.
It is noteworthy that recently Jio Financial shares were removed from all BSE indices including the benchmark Sensex.
Shares were market-listed on August 21
In the annual general meeting of Reliance (Reliance AGM 2023) held last month, Chairman Mukesh Ambani announced that his new company Jio Financial will also enter the insurance sector. The shares of this company were listed in the stock market on 21 August 2023.
Nevertheless, a significant decline commenced on the day they were listed.
Since the listing, there has been a delay in delisting Jio Fin from the exchanges amidst a continuous lower circuit in its stock.
This company makes pencils, now preparing to bring an IPO of Rs 1200 crore, keeping money ready
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The company's stock continues to upper circuit
Even though the stocks of Jio Financial Services have fallen continuously since its listing in the stock market, they were trading in the green with gains for the last three trading sessions. Not only this, the reason for the rise in the company's shares is that it is going through an upper circuit. On the last trading day on Friday, it took a gain of 4.99 percent to Rs. 245.
It concluded at the Rs 15 mark, with the company's market capitalization (Mcap) totaling Rs 1.56 lakh crore.
Changes in these stocks with Jio Fin
Not only has the circuit limit of shares of Ambani's Jio Financial Limited has been changed by the Bombay Stock Exchange (BSE). According to a Business Standard report,
The price band for nine companies including RailTel and India Pesticides has been reduced to 10 percent.
Other companies for which amendments have been made include Rishabh Digha Steel and Allied Products, Vertex Securities, and RatanIndia Power, their price bank has been reduced to 5 percent.
It is noteworthy that to control excessive volatility in a stock, a circuit filter system is used by BSE and this is the maximum fluctuation allowed in a stock in a day.
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