NEW DELHI: Billionaire Mukesh Ambani's new chocolate boy Jio Financial Services (JFSL) today took all bulls of Reliance Industries (RIL) by surprise as the NBFC unit's share price came out to be Rs 261.85 per share, much higher than brokerage estimates of up to Rs 190.
At the end of a special pre-open call auction session on stock exchanges on Thursday, the market price of Jio Financial Services (JFSL) was derived at Rs 261.85 per share on NSE. Taking into account the impact of demerger, the share price of Reliance Industries (RIL) fell to Rs 2,580 but rallied up to 2% after normal trading resumed from 10 am.
JFSL's constant price computed today is nothing but the difference between RIL's closing price on Wednesday and the price derived during the special pre-open session today. On NSE, RIL had ended last session at Rs 2,841.85 while today's price after the special session came in at Rs 2,580. The difference to which RIL shares fell after the demerger ie. Rs 261.85 is being treated as the price of JFSL
JFSL will be dropped from all the NSE and BSE indices at the last traded price which is effective at the open of JFSL listing date + 3 business days. For Instance, if supposedly JFSL lists on August 21, 2023 then stock will compulsorily be deleted on August 24, 2023," Nuvama's Abhilash Pagaria said