Jio Financial Services shares recover after hitting lower circuit limits for five days

New Delhi: Shares of Jio Financial Services Ltd, the demerged financial services unit of Reliance Industries, bounced back on Friday to settle in the positive territory on the NSE after unabated selling pressure since its market debut on Monday.

Recovering from a four-day slide, JFSL ended at Rs 214.50, up 0.49 per cent on the NSE.

During the day, it had fallen 4.98 per cent to hit the lower circuit limit of Rs 202.80.

On the BSE, shares of the company recovered some of the lost ground and ended at Rs 212.25, down 1.69 per cent. The stock did manage to bounce back during the day by climbing 4.21 per cent to Rs 225 but failed to settle in the green.

During early trade, shares of the firm hit the lower circuit limit of Rs 205.15.

The company commands a market valuation of Rs 1,34,848.46 crore.

Shares of JFSL listed on the bourses on Monday, with the stock falling nearly 5 per cent to hit the lower circuit limit.

It fell 5 per cent to hit the lower circuit limits on Tuesday, Wednesday and Thursday.

JFSL demerged from Reliance last month.

On Thursday, BSE said that since the stock has hit a lower circuit limit for two consecutive days -- Thursday and Friday -- the removal of the company from all the S&P BSE indices will be postponed by another three days.

"JFSL will now be removed from all the S&P BSE indices effective prior to the open of trading on Friday, September 1," the bourse said.

Additionally, should JFSL not hit the lower circuit limit on either of the next two days but hit the lower circuit limit on the third day, the removal of JFSL from all the S&P BSE indices will be postponed, it said in a notice.

Asia Index Private Ltd had earlier announced that effective prior to the opening of trading on Tuesday, August 29, JFSL will be removed from all the S&P BSE indices following its listing on Monday, August 21, due to its spin-off from its parent, Reliance Industries.

Asia Index is a joint venture between BSE and S&P Dow Jones indices.

Reliance Industries demerged its financial services undertaking into Reliance Strategic Investments Ltd, which was renamed JFSL.