Jio Financial Services: Domestic mutual fund Motilal Oswal Mutual Fund bought 3.72 crore shares of Jio Financial Services for Rs 754 crore in a bulk deal on Friday, August 25, 2023. According to the data available on the exchange, this transaction took place at a price of Rs 202.8 per share. Jio Financial has taken a U-turn from its lower level only after this deal.

Closed in green mark for the first time after listing

Jio Financial Services was listed on the stock exchange on August 21, 2023, since then the lower circuit in the stock continued for five consecutive days. The stock was listed at Rs 265 per share, but on Friday, August 25, the stock slipped to a low of Rs 202.80. Stock got lower circuit. But from here strong buying returned in the stock and the circuit broke. After which there was a great boom in the stock. The stock continued to trade with a boom throughout the day. And at the end of trading today, Jio Financial’s stock closed at Rs 214.50 with a gain of 0.49 per cent, while the stock closed at Rs 213.45 in the previous session. Still the stock is down 19.62 per cent from its listing price.

Will be out of the index on 31 August

In the last five trading sessions, institutional investors who got shares of Jio Financial after the demerger of Reliance have sold. Apart from this, Exchange Traded Funds (ETF) have also sold shares of Jio Financial. According to an estimate, about 12 crore shares of Jio Financial were to be sold by index funds, which is believed to have been completed now. Jio Financial’s shares will now be out of BSE Sensex and Nifty on 31 August 2023.

Eye on August 28 AGM

However, the investors of Jio Financial are waiting for the Annual General Meeting of Reliance Industries on 28 August 2023. It is believed that the chairman of Reliance Industries can make big announcements in the AGM along with laying out the roadmap regarding the business of Jio Financial Services.