Jio Financial Services Shares Rise After Snapping Five-Session Lower Circuit Streak
BSE said the scrip will be removed from the benchmark indices on Sept. 1, provided it meets the conditions.
Shares of Jio Financial Services Ltd. rose, snapping five-session lower circuit stream on Friday.
The stock swung between 5% lower and upper circuit. There were about 1.06 crore buyers for the stock and over 1.02 crore shares were sold, according to the NSE order-book data as of 1:58 p.m. The total traded quantity stood at Rs 26.47 crore shares.
The BSE Ltd. in a fresh notice announced that the scrip will removed from the benchmark indices on Sept. 1. However, the removal will be further deferred even if the stock does not hit the lower 5% band on either of the next two days but touches the limit on the third day.
In pre-market trades, JFS had 0.7% equity, or 4.74 crore shares, change hands in a large trade, according to Bloomberg. However, the buyers and sellers not known immediately. It further had 1.02 crore shares change hands at Rs 202.80 per share in a large trade after the markets opened.
JFS was the largest contributor to the decline in market capitalisation of all the Reliance Industries Ltd. group stocks. Intra-day, the total market value of JFS fell by Rs 6,766.25 crore to Rs 1.29 lakh crore on Friday, taking investor losses to over Rs 37,000 crore since listing.
As of 1:58 p.m., the total market capitalisation of Jio Financial Services rose Rs 3,526.07 crore over the previous day to nearly Rs 1.39 lakh crore.
The stock fell 5% intra-day to hit Rs 202.8 per share and then rose as much as 5% to Rs 224.1. It was trading 3.02% higher at 219.9 apiece as of 1:58 p.m. compared to 0.45% decline in the NSE Nifty 50.
