In the annals of market history, the tale of Jio Financial Services unfurls. The pinnacle of this narrative, the expulsion of Jio Financial Services from the revered archives of the Bombay Stock Exchange (BSE), has, in a twist of temporal fate, been delayed by a trio of days. The empire of Mukesh Ambani, particularly its financial facet, stands on the precipice of eradication from the echelons of the S&P BSE indices, scheduled for the day after August bids its farewell.
As the hands of the clock waltz to the rhythm of 11:08 am on the brink of a Friday, the shares of Jio Financial Services brush the zenith, achieving a peak value of Rs 224.8 each. Mere days earlier, the fledgling entity, newly emancipated from its corporate progenitor, had been included in the listings of the bourses on the twenty-first day of August. The inaugural performance of these shares on the BSE commenced at Rs 265, while their first appearance on the NSE stage was marked at Rs 262. Alas, the very sun that ushered in their rise also bore witness to their fall, as a decline of nearly 5 per cent relegated them to the depths of lower circuits, with the lowest point recorded at Rs 248.90 on NSE. Thus began their sojourn in the realm of pressure induced by sales, a trial resolute in its persistence.
The decision of exclusion, originally slated to be delivered at the conclusion of the third solar rotation of the newly-established unit, underwent a temporal expansion, pushed to the evening before the final day of August. The fundamental benchmarks, BSE Sensex and NSE Nifty, extended their hospitable embrace to encompass Jio Financial Services, seamlessly weaving them into their fabric. This move acted as a safeguard against the volatile winds of instability and the seismic shocks of volatility that the demerger threatened to invoke within the intricate tapestry of Reliance Industries’ shares.
As per the information provided by the esteemed Economic Times, the stock of Jio Financial, ensnared within the complex grip of bearish sentiment for a span of five consecutive sessions, including the aforementioned Friday, began to show an emerging inclination to surpass the very maze that imprisoned it. Almost mirroring the mythical rebirth of the phoenix, the stock orchestrated a rally, ascending by a modest 3 per cent. Yet, the trading arena remained a turbulent stage, with the fortunes of the stock wavering, teetering precariously on the edge between profit and loss.
The trading volume bore the hallmark of an opulence hitherto unseen, as more than 200 million shares changed hands on the platform of the National Stock Exchange. This astounding figure, a sevenfold surge, stood in stark contrast to the meager tally of 28 million shares that characterized the previous Thursday.