Jio Financial Services to be taken out from BSE Indices from September 1

The Bombay Stock Exchange announced on August 31 that Jio finance Services (JFS), the demerged finance division of Reliance Industries, will be eliminated from the BSE Indices, including the benchmark 30-pack Sensex, on September 1.

"...effective prior to the open of trading on Friday, September 01, 2023, Jio Financial Services Ltd will be removed from all the S&P BSE Indices following its listing on Monday, August 21, 2023,  due to its spin-off from its parent, Reliance Industries," the BSE notice said.

Exchanges postponed the stock's exclusion plan because it remained stuck in the lower circuit after it was initially supposed to be removed by August 23.

The stock finished at an upper circuit of 5% on August 31, reaching Rs 242.50 a share on BSE, marking its third straight session of gains.

There is no word on Nifty indices yet. Jio Financial Services won't be removed from the Nifty indices until the newly formed entity avoids price limits (upward or downward) for two consecutive days, according to sources.

For accurate market predictions, observe the Jio Financial share price.

Sources: Media Reports