Jio Financial Services Hits 5% Lower Circuit For Third Day; Investors Lose Rs 23,000 Crore

Shares of Jio Financial Services Ltd. hit a 5% lower circuit for the third straight day on Wednesday.

There were no buyers for the stock and over 13.6-crore shares were pending for sale, according to NSE order book data on the third day of trade as of 9:27 a.m.

The BSE has announced that the stock would be removed from all S&P BSE indices with effect from Aug. 29. However, if it continues to hit a lower circuit for two straight days, the removal date will be deferred by another three days, the notice said.

JFS was the largest contributor to the decline in market capitalisation of all the Reliance Industries Ltd. group stocks. The total market value of Jio Financial Services fell by Rs 7,496.9 crore to Rs 1.43 lakh crore on Wednesday, taking investor losses to over Rs 23,000 crore since listing.

Shares of Jio Financial Services were trading 5% lower at Rs 224.65 apiece as of 9:27 a.m. compared with an unchanged benchmark NSE Nifty 50.