Shares of Jio Financial Services turned green on Friday after touching a lower circuit for five trading sessions straight. Jio Financial Services Limited (JFSL), the demerged NBFC of Reliance Industries, jumped higher after a huge block deal, as around 64.6 million shares changed hands in four bunched trades.
JFSL shares jumped 3.82 per cent on NSE to close at Rs 221.6. It was the top gainer in the Nifty50 index.
This comes after around 17.4 million shares of JioFin on Thursday, August 24, exchanged hands in multiple bunched trades, reported Bloomberg. The buyers and sellers for both deals are known, media reports stated.
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Jio Financial’s shares jumped as much as 5 per cent to touch an intraday high of Rs 224.10 on NSE, after opening 5 per cent lower, at Rs 202.80.
JFSL was valued at Rs 1.66 lakh crore during a ‘price-discovery’ session last month, but has now dropped to Rs 1.41 lakh crore.
The stock has hit lower a limit circuit for five trading sessions now. BSE and NSE on Friday deferred the removal of Jio Financial from indices by another three days, and now stock will be removed on September 1, before the opening of trading session.
Earlier, stock exchanges deferred the exclusion of Jio Financial shares on Wednesday by three days, to August 29, from August 24, after the stock broke lower circuit for two trading sessions straight.
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Jio Financial Services was demerged from Mukesh Ambani-led Reliance Industries in July, and was listed on bourses on Monday, August 21. The shares of the non-banking finance company listed at Rs listed at Rs 265 per share on the BSE and Rs 262 apiece on the NSE against the discovered price of Rs 261.85 apiece.