Jio Financial Services turns green after huge block deal

Players tracking the stock said the decline could have more to do with technical factors than fundamental ones.

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Shares of Jio Financial Services Ltd, after hitting three straight sessions of the lower circuit, turned positive on August 25 and were trading marginally higher from its previous close.

The stock opened 5% lower at Rs. 202.80, but turned green after a large block deal. Around 64.6 million shares changed hands in four bunched trades. At 10.10 am, the stock was trading at Rs 224 on BSE, up 1 percent from its previous close.

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On August 24, around 17.4 million Jio shares changed hands on exchanges in multiple bunched trades, Bloomberg reported. Meanwhile, the buyers and sellers for both deals were not known.

The stock lost around 13.2 percent in the last three sessions. Players tracking the stock said the decline could have more to do with technical factors than fundamental ones.

Also Read | Jio Financial Services down 5% for fourth day: When will passive fund selling end?

The company was listed on exchanges on August 21. A special pre-open session was held on July 21 for the demerged entity, determining a stock price of Rs 261.85 and an implied market capitalization of Rs 1.65 lakh crore.

In anticipation of Jio’s planned removal from the BSE Sensex and Nifty indices, exchange-traded and index funds are projected to divest Jio shares. Nuvama Wealth’s recent note suggests that passive index trackers might sell up to 145 million shares of Jio Financial.

Jio Financial will continue to be a constituent of MSCI and FTSE indices. There won’t be any fresh buying or selling, Nuvama’s Abhilash Pagaria noted.

Earlier, stock exchanges had postponed the exclusion of Jio Financial Services from key Sensex and Nifty indices to August 28 from August 23.

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