Mukesh Ambani's Jio Financial Services removal from BSE indices postponed to this date; check details

Leading stock exchange BSE on Tuesday postponed the removal of Jio Financial Services Ltd, the demerged non-banking financial services unit of Mukesh Ambani-led Reliance group, from all the S&P BSE Indices to August 29.

Earlier, the stock was scheduled to be removed from the indices on August 24. Jio Financial Services Ltd (JFSL) got listed on the bourses on Monday and hit the lower circuit for the second day in a row on Tuesday.

"AIPL (Asia Index Private Ltd) is aware of the recent lower circuit hitting for JFSL. Since the stock has hit lower circuit limits for two consecutive days -- Monday, August 21 and Tuesday, August 22, the Index committee has determined to postpone the removal of JFSL from all the S&P BSE Indices by another 3 days," according to a BSE circular. Now, JFSL will be removed from all the S&P BSE Indices effective prior to the opening of trading on August 29, 2023, it said.

Asia Index is a joint venture between BSE and S&P Dow Jones Indices. Moreover, if JFSL continues to hit lower circuits in the next two days, the removal date will be deferred by another three days, according to the notice.

Additionally, in case JFSL does not hit the lower circuit limit on either of the next two days but hits the lower circuit limit on the third day, the removal of JFSL from all the S&P BSE Indices will be deferred by another 3 days, it added.

READ | Bharat NCAP launched in India: Here's what automakers say

It further said that any postponement of removal will be communicated as soon as possible; any changes to this approach would be announced via the standard channels. Earlier, Asia Index announced Jio Financial Services Ltd would be removed from all the S&P BSE Indices on August 24 following its listing on Monday due to its spin-off from its parent.

On Monday, the scrip listed at Rs 265 apiece on the BSE, up 1.20 per cent against Rs 261.85 -- the price fixed at a special price discovery session held last month. The stock later declined 3.85 per cent to hit Rs 251.75 -- its lower circuit limit.