Jio Financial Services Update: A big update has come regarding Jio Financial, a subsidiary of Mukesh Ambani-owned company Reliance Industries. It is being told that Jio Financial Services Limited (JFSL), the newly listed company of Reliance Group, will be removed from all the indices including the standard index Sensex of the stock market BSE from September 1. BSE said in a circular on Thursday that JFSL will be delinked from all BSE indices before the start of trading on September 1. Financial services firm JFSL was listed on NSE along with BSE on August 21. It was made a part of the indices to provide a kind of certainty in its share prices. Earlier, it was to be removed from the indices on August 24 itself, but in the first few trading sessions after the listing, it kept touching the lower circuit. In such a situation, the stock market had postponed its separation from the indices till August 29.
Shares did not hit the lower circuit on August 29 and August 30.
Shares of Jio Financial, which was separated from Reliance Industries and listed as a separate company, did not hit the lower circuit on August 29 and August 30. Even on Thursday, the company’s shares were successful in touching the upper circuit limit of five percent. Keeping in mind the stability in the company’s shares, the Index Committee of BSE has decided to remove it from the indices from Friday morning. Reliance Group chief Mukesh Ambani had said in the annual general meeting on Monday that Jio Financial will also enter the insurance sector in the future, which will include general insurance and health insurance products along with life insurance.
Net worth of Jio Financial Services Rs 1.2 lakh crore: Ambani
Reliance Industries Limited (RIL) Chairman Mukesh Ambani had said in the company’s AGM on Monday that Jio Financial Services is capitalized with a net worth of Rs 1.2 lakh crore. He claimed that it is among the financial services platforms that started with the highest capital in the world. Speaking at the company’s annual general meeting, Ambani said that JFS will strengthen its payments infrastructure with an omnichannel offering for both consumers and merchants, thereby promoting digital payments in India. He said that JFS products will not only compete with existing players in the industry, but will also utilize features like ‘blockchain-based platform’ and CBDC.