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Jio Financial Shares Hit 5% Lower Circuit For Second Day, Removal From Indices Deferred To Aug. 29

Earlier in the day, around 19.4 lakh shares of JFS changed hands in a large trade at Rs 236.45 per share.

<div class="paragraphs"><p>The Jio logo is seen outside a shop in Mumbai. (Photo: BQ Prime)</p></div>
The Jio logo is seen outside a shop in Mumbai. (Photo: BQ Prime)

Shares of Jio Financial Services Ltd. declined by the maximum limit for the second day in a row after listing on the bourses.

The stock hit the 5% lower circuit on Tuesday, as a result of which the scrip will now be removed from all S&P BSE indices on Aug. 29, according to a BSE notice. If JFS continues to hit a lower circuit in the next two days, the removal date will be deferred by another three days, the notice said.

According to NSE data, there were no buyers for the stock and over 11 crore shares were pending for sale, according to the order book on the second day of trade.

Earlier in the day, around 19.4 lakh shares of JFS changed hands in a large trade at Rs 236.45 per share, according to Bloomberg data. The buyers and sellers of the deal were not known immediately.

JFS was the largest contributor to the decline in market capitalisation of all the Reliance Group stocks. The total market cap of Jio Financial Services fell by Rs 7,909.84 crore to Rs 1.5 lakh crore on Tuesday. The market capitalisation fell over Rs 15,000 crore in the last two days, since listing.

If JFS does not hit the price band for two consecutive days, it will be removed from the indices, even if it hits the maximum daily limit on the last day.

Shares of Jio Financial Services were trading 5% lower at Rs 236.45 apiece as of 2:52 p.m., as compared with an unchanged benchmark NSE Nifty 50.

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