Shares of Jio Financial Services (JFSL) were listed on the stock market on August 21, 2023. The stock made a muted debut, opening at Rs 265 on the BSE and Rs 262 on the NSE.
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What will be the price of Jio Finance share
This was slightly higher than its discovered price of Rs 261.85. However, the stock declined soon after and closed at Rs 251.75 on the BSE and Rs 248.90 on the NSE, a 5% lower circuit.
The weak debut of JFSL shares was attributed to a number of factors, including the recent sell-off in the Indian stock market, concerns about the company's high valuation, and the fact that the stock is currently trading in the T2T (Trade-To-Trade) segment, which means that there is no price discovery for the first 10 days of trading.
Despite the weak debut, JFSL is still a large and well-funded financial services company with a strong growth potential. The company has a wide range of financial products and services, including digital lending, insurance, and wealth management. It also has a large customer base of over 400 million users.
About Rs. JFSL i.e. Jio Finance is India's 33rd largest listed company with a market capitalization of 1.68 lakh crore. It is bigger than HDFC Life Insurance, SBI Life and indusInd Bank. Similarly, Jio Finance is ahead of Bajaj Finance and Bajaj Finserv as major NBFCs.
Jio Financial was earlier offering various financial and credit services under the name Reliance Strategic Investments Ltd under Reliance Industries Group. And since the company had the NBFC banking license, it was split into a separate company and started competing with other companies in the market.
It remains to be seen how JFSL shares will perform in the long term. However, the company has the potential to be a major player in the Indian financial services industry.