Reliance Group's Market Capitalisation Falls Over Rs 32,900 Crore
Reliance Industries Ltd.'s market cap fell nearly Rs 24,900 crore on Monday.
Reliance Group stocks lost market capitalisation by Rs 32,986 crore in a day, led by Reliance Industries Ltd.
RIL's market cap fell nearly Rs 24,900 crore on Monday, after Jio Financial Services Ltd. tumbled by the maximum daily limit on debut.
Jio Financial Services closed at 5% lower circuit at Rs 248.50 apiece, losing over Rs 8,227 crore in market capitalisation. The share, which was valued at close to Rs 1.6 lakh crore, saw flat discovery price of Rs 262 apiece and opened to selling pressure from investors, who waited for over 20 days for the stock to list.
JFS demerged from RIL, which is part of several benchmark indices. The listing will see many of the passive funds or index funds exit the stock.
Shares of Sterling and Wilson Renewable Energy Ltd., Just Dial Ltd. and Balaji Telefilms Pvt. also ended lower on Monday, losing a combined market capitalisation of over Rs 187 crore.
