Bombay Stock Exchange Removes Jio Financial Services ‘Reliance Industries’ from Benchmark Indices

Bombay Stock Exchange Removes Jio Financial Services from Benchmark Indices

Friday, September 1, 2023

Jio Financial Services

In a financial shake-up, the Bombay Stock Exchange (BSE) announced on August 31, 2023, that it will be removing Jio Financial Services (JFS) from its benchmark 30-pack Sensex and the BSE indices, effective September 1, 2023, as part of the separation of Reliance Industries’ financial business.

Initially planned for removal by August 23, the stock’s exit was delayed due to trading restrictions and remained locked in the lower circuit. However, on August 31, the stock managed to gain momentum, closing with a 5% surge, reaching Rs. 242.50 per share on the BSE.

Jio Financial Services (JFS) is a heavyweight in the Sensex, accounting for about 1.1% of the index’s total weight, potentially leading to the deactivation of nearly 60 million shares (approximately $180 million in value), as per Nuwama Alternative Research.

JFS is now ready to begin its autonomous financial journey as a result of this financial decision, which comes as Reliance Industries pursues a long-term restructure. The BSE’s decision is likely to affect financial markets while setting up fresh possibilities for investors and dealers.

Stay tuned for more updates on the ever-evolving financial world.

Read More about Motilal Oswal Mutual Fund Boosts Stake in Jio Financial

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