Jobaaj Stories
Jio Financial Services Ltd. witnessed a noteworthy recovery in its shares, bouncing back from a consistent pattern of hitting a 5% lower circuit for five consecutive days during early trade on Friday. Notably, the NSE data revealed that the total traded quantity amounted to 20.22 crore shares on the fifth day of trading, as of 10:10 a.m.
The situation saw an interesting twist when the BSE initially announced the removal of the company's scrip from its benchmark on August 29. However, the stock continued to experience lower circuit triggers for an additional two sessions following Tuesday. This unexpected extension of circuit triggers resulted in a delay in the removal of the stock from the index. In pre-market trading activities, JFS experienced a significant transaction involving 0.7% equity, equivalent to 4.74 crore shares, according to Bloomberg. However, the identities of the buyers and sellers involved in this trade were not immediately disclosed. Subsequently, there was another substantial trade involving 1.02 crore shares at a price of Rs 202.80 per share after the market officially opened.
It is noteworthy that JFS emerged as the primary contributor to the decline in market capitalization within the Reliance Industries Ltd. group of stocks. Throughout the trading day, the total market value of JFS plummeted by Rs 6,766.25 crore, leading to a valuation of Rs 1.29 lakh crore on Friday. This downturn resulted in investor losses exceeding Rs 37,000 crore since the company's listing.
However, as of 10:10 a.m., there was a remarkable resurgence in the total market capitalization of Jio Financial Services, which increased by Rs 4,224.93 crore, reaching nearly Rs 1.40 lakh crore. Concurrently, the company's shares exhibited a positive trend in trading, marking a 4.03% increase to Rs 222.05 apiece at the same time, in contrast to the NSE Nifty 50 index which experienced a marginal decline of 0.33%. Interestingly, the scrip had initially dipped by 5% to Rs 202.8 apiece during early trading hours.
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