Jio Financial Services to be removed from BSE Indices from September 1

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, Nuvama has said

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Jio Financial Services (JFS), the demerged financial business of Reliance Industries, will be removed from the BSE Indices, including the benchmark 30-pack Sensex, on September 1, the Bombay Stock Exchange said on August 31.

“…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.

Initially scheduled for removal by August 23, the stock’s exclusion plan was delayed by exchanges as it continued to be locked in the lower circuit.

On August 31, the stock marked its third consecutive session of gains and closed at an upper circuit of 5 percent, reaching Rs 242.50 a share on BSE.

As per Nuvama Alternative Research, JFS constitutes 1.1 percent of Sensex’s weight, potentially leading to a passive selling of about 60 million shares (worth approximately $180 million).

Nuvama said that Jio Financial won’t be removed from Nifty indices until the newly formed entity avoids price limits (upward or downward) for two consecutive days.

For instance, if there’s no price limit breach on August 31 and September 1, the exclusion would happen on September 4. This would lead to the stock exiting the Trade to Trade (T to T) segment on September 4, potentially facilitating a smoother exclusion next week.

Nuvama said Nifty indices would release a press statement confirming the exclusion of the spun-off entity only if it avoids price band breaches for two consecutive days. They won’t communicate during this period.

In contrast, MSCI and FTSE indices will retain Jio Financial in the index without any impact on inflow or outflow.

Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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