Shares tanked as investors started monetizing the holdings right away.
The shares of Jio Financial Services—the demerged financial business of Mukesh Ambani’s Reliance Industries—hit the lower circuit on bourses in its market debut. The southward movement of shares came as investors started booking profits right away, in the wake of a lack of clarity over the business model, according to two analysts, who asked not to be named.
The company’s shares got listed at Rs 265 apiece on BSE and Rs 262 on the National Stock Exchange. However, within an hour, the shares stopped trading after having hit the lower circuit. By then, the stock had crashed 5% to Rs …
Furquan leads the banking coverage at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.
Editor, Banking
furquan@mailtmc.com
Delhi