(Image source from: Business-standard.com)
Jio Financial Services (JFSL) was removed from all the S&P BSE indices on Friday. However, the JFSL shares will trade on the NSE. If the stock hits a lower circuit in 2 out 3 trading sessions will also be removed from NSE.
The stock did not hit the lower circuit on Wednesday and Tuesday and did not hit the lower circuit on Thursday till 2 p.m., so the stock was kicked out from the BSE indices.
The stock was listed recently and ever since it got listed, there has been so much selling pressure. JFSL was temporarily added to the key indices as passive index funds. Which is going to stabilize the volatility in Reliance shares. The stock was part of the index at the constant price of Rs 261.85, which was officially listed on August 21st.
On the 21st the parent RIL share closed 0.5% lower by leaving the market price at Rs 2,407. The listed Jio Financial services were at an upper circuit of 5 per cent and closed at 1 per cent higher at the NSE by leaving the price of Rs 233.50.
JFSL was expected to open at Rs 190 and came out with a shocking price of Rs 261.85 per share on the allotment day.