The listed share price was INR 265 on the BSE and INR 262 on NSE as compared to its derived market value of INR 261.85 apiece.

The market capitalisation of the NBFC was estimated at Rs 1.66 lakh crore at the time of listing.

On July 21, the exchanges had conducted a special pre-open session for the demerged entity in which the discovered price for the stock worked out to be Rs 261.85 and the implied market cap was Rs 1.65 lakh crore.

The stock will be in the trade-to-trade segment for the next 10 sessions.

JFSL has been temporarily added to Nifty50 along with 18 other indices of NSE, including Nifty 100, Nifty 200, Nifty 500, Nifty Energy, and Nifty Oil & Gas without replacing any stocks. The stock has also been added to 18 of the S&P BSE indices also, including the S&P BSE Sensex. 

However, after three days of listing, JFSL stock will be dropped from all the indices at the last traded price. JFSL shares will be removed from all indices on Wednesday evening, i.e. after trading ends on August 23.

JFSL shares will be eligible to be added into the indices in the next cycle.

Reliance shares fell as much as 1.55% to INR 2,517.00 apiece on the BSE, after the listing on Monday.

Reliance had announced in October 2022 that it would demerge and list its financial services business – Reliance Strategic Investments, which was to be renamed Jio Financial Services Ltd (JFSL).

Last month, Reliance also announced its tie up with Blackrock, the world’s largest asset manager, to float a mutual fund company, targeting an initial investment of $300 million.

Jio Financial Services is currently listed under a dummy ticker after its price discovery at INR 261.85 but there is no trading happening in the scrip.

Trading Members of the Exchange are hereby informed that effective from Monday, August 21, 2023, the equity shares of Jio Financial Services Ltd (Formerly known as Reliance Strategic Investments Limited) shall be listed and admitted to dealings on the Exchange in the list of T Group of Securities,’ the BSE said in a notice.

The scrip will be in trade-for-trade segment for 10 trading days, it added.

The shares of Jio Financial Services were credited to demat account of shareholders last week. As part of the demerger, Reliance shareholders would got one share of Jio Financial Services for holding one share of Reliance Industries.

Following the update, shares of Reliance Industries rose over 1 percent to INR 2566.85 on BSE.

Jio Financial Services through its operating subsidiaries and joint ventures will offer broad range of financial services solutions addressing the needs of both consumers and merchants.

The company will primarily operates in the NBFC market and credit market segment and has strategic plans to expand its operations into insurance, digital payment, and asset management verticals.

Reliance Industries’ Chairman and Managing Director Mukesh Ambani in his message to shareholders in the company’s 2022-2023 annual report, said, Jio Financial Services is positioned uniquely to capture the growth opportunities in the financial services sector and play a crucial role in transforming the landscape of digital finance in India.

‘Jio Financial Services Limited along with its subsidiaries will leverage the technological capabilities of Reliance and digitally deliver financial services, democratising access to financial services offerings for Indian citizens,’ Mr Ambani said in his message to shareholders.

‘Jio Financial Services aims to provide simple, affordable and innovative digital first solutions,’ Mr Ambani had said.

This article has been updated.