Jio Financial services Stock Price Band Changed by BSE

BSE (Bombay Stock Exchange) revised Jio Financial Services limit from 5% to 20%. According to a report from BSE, the new restrictions will go into effect on Monday, September 4. The company is the non-banking financial services arm of Mukesh Ambani’s Reliance Group subsidiary.

The company was trading on the National Stock Exchange (NSE) at Rupees 245.15 on Friday. This move will ensure that the share price does not change more than stated during the trading period. In addition, market experts believe that the stock will leave the market next week.

Nine companies, including Jio Financial, as well as RailTel and India Pesticide, revised their band rates to 10%. BSE uses circuit filtering mechanism to control excessive volatility in stocks. This is the maximum allowed movement of the stock in a day. Also, shares of Jio Financial were removed from all BSE indices, including Sensex, on September 1.

Shares of Jio Financial began trading on the stock exchange on August 21, following its return from BSE. The parent company is Reliance Industries. The stock, which was previously planned to be removed from the index on August 24, was later postponed to August 29. But it was delayed due to the isolation swap as the stock continued to be locked in a downward spiral.

The stock has rallied in the last three trading days, touching the upper ring and avoiding the lower line. This indicates that it is about to be removed from the index. At its annual general meeting (AGM) last month, Mukesh Ambani, president of Reliance Industries, announced that Jio Financial will enter the insurance space by offering life, general and insurance products, healthcare products. He said that to sell its products, including prepaid services, Jio will reach 450 million mobile subscribers.

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