In August Jio Financial Services shares gained by 2% 49.66 million shares changed hands in two bunches and took 0.8% of the stake. The trading volumes on that day were over 60 million. And the share price trades around Rs 216.10 on the NSE, 2.34% higher from the previous close.
The block comes a day after Mukesh Ambani, the chairman of Reliance Industries announced in the Annual General Meeting about expanding Jio Financial. Now Jio Financial entering into segments like life insurance, general insurance, and health insurance products.
For the expansion and entering into different segments, Jio Financial will be partnering with global players. Jio Financial Service has the analysis and the data to create products and services that will attract and fulfill the needs of consumers.
Jio Financial Service did a partnership with Blackrock to dive into the asset management industry. From the partnership, they will launch a new player in the Indian market with an investment of $300 million.
JSF continues to be a part of Nifty 50 and Sensex as the 51st and 31st stock. The JSF consistently hit the circuit limit after listing, with passive funds selling the stock pre-empting its exit. JSF removal from the indices will start on September 1.
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