Jio Financial Services Breaks Losing Streak After Motilal Oswal MF Acquires 3.72 Cr Shares

After four consecutive sessions in the lower circuit, the shares of Jio Financial Services Ltd went bullish on August 25. Shares of Jio Financial Services Ltd. ended the trading day on Friday at Rs 221.60, up 3.82% from its previous close. The stock started the day 5% down at Rs. 202.80 before turning positive following a big block deal executed by Motilal Oswal Mutual Fund on Friday. For Rs 754 crore, Motilal Oswal Mutual Fund (MF) acquired 3.72 crore shares of Jio Financial Services Ltd (JFSL). Motilal Oswal Mutual Fund acquired 3,72,00,000 shares, or 0.6% of Jio Financial Services, according to the NSE's bulk deal data. The average cost per share for the shares purchased was Rs 202.80, for a total transaction value of Rs 754.41 crore.

In four grouped deals on Friday, about 64.6 million Jio Financial shares were exchanged. On August 24, multiple bunched deals involving 17.4 million Jio shares took place on exchanges, according to Bloomberg. On August 21, the firm went public on the market. Jio Financial Services, demerged financial division of Reliance Industries. debuted on the stock market on Monday. After the stock struck a 5% lower circuit for four trading sessions, Jio Financial Services shares' ban from the Sensex and other BSE indices was recently extended by three more days, till August 31.

"Since the stock has hit lower circuit limit for 2 consecutive days i.e., Thursday, August 24, 2023, and Friday, August 25, 2023, the removal of JFSL from all the S&P BSE Indices will be postponed by another 3 days. JFSL will now be removed from all the S&P BSE Indices effective prior to the open of trading on Friday, September 01, 2023," BSE Indices said in a regulatory filing.

On August 21, Monday, Jio Financial Services (JFS), which was demerged from Reliance Industries Ltd. (RIL), was listed on the Indian stock markets. Shares of Jio Financial Services have been allocated in a 1:1 ratio to RIL shareholders as of the record date of July 20. After the limited-time pre-open call auction session, which took place on July 20, the share price of the company was determined to be Rs 262 as per the market watchers.