Jio Financial's share price fell by five percent on the first day of listing
Reliance Industries' company Jio Financial Services (JFS) made its debut in the stock market on Monday which was not very special. The shares of the company fell by five percent on the first day itself. Company officials say that the financial sector will be disclosed in detail in the upcoming annual conference of Reliance Group. Let's know about the complete news.
Jio Financial Services (JFS), a company of the country's largest industrial group Reliance Industries, made its debut in the stock market on Monday, which was not very special. The shares of the company fell by five percent. But the picture of the company's future road map presented by V Kamath of Jio Financial Services has clarified the future intention of the company that it is going to launch all kinds of banking and financial services in India.
Company officials say that the financial sector will be disclosed in detail in the upcoming annual conference of Reliance Group. Reliance Group demerged ZFS and listed it on the market on August 21, 20223. On the first day, the company's shares closed at Rs 251.75, down 3.85 percent, on the BSE and closed at Rs 248.90, down 4.94 percent, on the NSE.
A lower circuit had to be imposed on the share price of the company in both markets. Despite this decline, the market valuation of Jio Financial has gone up to Rs 1,59,943.93 crore on the very first day itself. With this, it has also become the second-largest Non-Banking Financial Company (NBFC) in the country.
KV Kamath, Non-Executive Chairman, said, “India is at a very historic stage of growth. There is tremendous potential for Jio Financial. Whatever opportunities for growth are being created in this environment, Jio Financial Services will take advantage of all of them. The company's focus will be completely digital." He also said, "The company will also have some advantage due to its late entrant in this sector as there has been a lot of technological development and we can make full use of it. Jio Financial aspires to be a full-fledged service provider for the financial sector."
Experts associated with the company say that JFS is starting with general customers as well as lending to small and medium industries, providing all kinds of payment-related services, payment banking, insurance broking, and management of assets. Apart from accepting deposits, this NBFC will be able to provide almost every other type of service digitally. The company intends to convert into NBFC-CIC (Core Investment Company) in the next six months. Several other subsidiaries of the company will help to act as CICs.
