Jio Financial’s exclusion from BSE indices postponed by another 3 days to Sept 1

Jio Financial Services was earlier slated to be dropped from domestic indices effective August 29.

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The removal of Jio Financial Services from the Sensex and other BSE indices has been postponed by three days to September 1 as the stock hit the lower circuit on both August 24 and 25, the S&P Dow Jones Indices said.

Jio Financial Services Ltd (JFSL) was earlier slated to be dropped from the Nifty 50 and Sensex on August 24, which was deferred to August 29 as the stock kept hitting the lower circuit.

“Since the stock has hit the lower circuit limit for two consecutive days, the removal of JFSL from all the S&P BSE Indices will be postponed by another three days. JFSL will now be removed from all the S&P BSE Indices effective prior to the open of trading on September 1,” the S&P Dow Jones Indices said in a release on August 25.

“Additionally, should JFSL not hit the lower circuit limit on either of the next two days, but hits the lower circuit limit on the third day, the removal of JFSL from all the S&P BSE Indices will be postponed. Any postponement of a removal will be communicated as soon as possible,” it added.

While there has been no formal confirmation from NSE Indices yet, current methodology for demergers indicate the same.

Also Read: A question of values: How Jio Financial Services stacks up against rivals

“As per our current understanding, the Nifty Indices should also postpone the exclusion to a later date,” Nuvama Alternative & Quantitative Research said in a note.

As passive funds adjust their portfolios, the cumulative selling of both the indices is estimated at 150- 160 million shares, it added.

Shares of Jio Financial Services traded marginally higher in the morning session on August 25 after a large block deal involving 64.6 million shares across four bunched trades. At 10.10am, the stock was trading at Rs 224 on BSE, up 1 percent from its previous close.

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

Jio Financial Services listed on the bourses on August 21, as India’s second largest listed non-bank financial company, after Bajaj Finance.  Analysts believe JFS can opt for wide variety of financial service business, including the lending business, digital broking, insurance, mutual funds and payments.

JFS has announced its tie-up with Blackrock, the world’s largest asset manager, to float a mutual fund company. Together, the partnership will introduce a new player to the India market targeting an initial investment of $300 million.

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