The Bombay Stock Exchange (BSE) has informed trading members that the price limits for the stocks of Jio Financial Services and nine other companies have been revised, and these changes will take effect on September 4, 2023.
The Bombay Stock Exchange (BSE) has adjusted the circuit limit for Jio Financial Services, increasing it from 5 percent to 20 percent. This modification will take effect from Monday, September 4, 2023, as per an official notification from BSE. Jio Financial Services is the standalone non-banking financial services branch of the conglomerate headed by Mukesh Ambani, known as the Reliance Group.
On the National Stock Exchange (NSE), the company’s share price closed at Rs 245.15 the preceding Friday. This change is aimed at preventing excessive fluctuations in stock prices during a trading session, ensuring stability. Market analysts are of the opinion that the stock will soon exit the trade-to-trade segment.
In addition to Jio Financial Services, the price range for nine other companies, which include RailTel and India Pesticides, has been adjusted to 10 percent. BSE employs a circuit filter mechanism to regulate excessive volatility in stocks, defining the maximum allowable daily fluctuations.
|Scrip Code||Scrip Name||Price Band % Revised to|
|543373||Shri Venkatesh Refineries Ltd||10|
|543265||RailTel Corporation of India Ltd||10|
|543311||India Pesticides Ltd||10|
|536710||S R G Securities Finance Ltd||10|
|540269||Super Fine Knitters Ltd||10|
|531539||Rishabh Digha Steel & Allied Products Ltd||5|
|531950||Vertex Securities Ltd||5|
|533122||RattanIndia Power Ltd||5|
|522261||Dolphin Offshore Enterprises (India) Ltd||10|
|543940||Jio Financial Services Ltd||20|
Furthermore, Jio Financial’s stock was delisted from all BSE indices, including the prominent Sensex, on September 1. Jio Financial’s shares were introduced to the stock exchanges on August 21 after being spun off from its parent company, Reliance Industries. Initially, the stock was scheduled for removal from the indices on August 24, but this date was later postponed to August 29. Nonetheless, its exclusion was delayed by the stock exchanges due to its continued trading within the lower circuit.
Over the past three trading sessions, the stock has consistently gained value, reaching upper circuit levels and avoiding the lower circuit. This was a clear indication of its imminent removal from the indices.
During the Annual General Meeting (AGM) held last month, Mukesh Ambani, the Chairman of Reliance Industries, revealed that Jio Financial intends to enter the insurance sector by offering life, general, and health insurance products. The company plans to leverage its substantial base of 450 million mobile phone subscribers from its telecom arm, Jio, to market its products, including payment services.
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