Jio Financial Services Will Be Key Player In India's Financial Services Sector, Say KV Kamath

Jio Financial Services will be an important player in India's financial services sector, KV Kamath, Chairman of Reliance Industries' demerged financial lending arm, said on August 21.

"Jio Financial Services will provide growth momentum which India has not seen," the company's chairperson KV Kamath says ahead of listing.

According to him, Jio Financial Services (JFS) will work to maximise everything India has to offer. His comments followed a lacklustre debut on the stock exchanges for the non-banking financial firm.

On Monday, shares of Jio Financial Services (JFS), which separated from parent company Reliance Industries, were launched on the BSE at a price of Rs 265 and on NSE at a price of Rs 262.

Shares of JFS fel 5% to Rs 248.90 per share on NSE, compared with Rs 262, while it fell 5% on BSE to 251.75, compared to 265 per share.

In the next eight to nine years, the Indian economy should be able to double its gross domestic product (GDP), according to Kamath, who said that the economy is in growth momentum.

Jio Financial Services will trade for the first ten days following listing under the Trade-To-Trade (T2T) segment. Stocks purchased under the T2T segment are only allowed to be purchased using the delivery method; intraday trading is not permitted. For the following ten trading sessions, the stock will have a 5% circuit filter.

In order to aid the oil-to-retail behemoth Reliance Industries' growth in the financial services industry, JFS was separated from the Mukesh Ambani-led company in July.