According to media source,Jio Financial Services is to be excluded from various indices upon failure to hit the price band.
As per media reports, the demerged non-banking financial services unit of Mukesh Ambani-led Reliance group, will be dropped from Nifty50, other indices, on September 7, the stock exchange NSE said on Tuesday.
NSE Indices Limited vide its press release dated July 17, 2023 had announced inclusion of Jio Financial Services Limited (JIOFIN or spun-off entity) on account of demerger of financial services business from Reliance Industries Limited (RELIANCE) in various indices effective from July 20, 2023 (close of July 19, 2023). After demerger, JIOFIN was listed on August 21, 2023 at the National Stock Exchange Ltd. (NSE).
In accordance with the index methodology, as JIOFIN has not hit price band on two consecutive trading days on September 4, 2023 and September 5, 2023 at NSE, the Index Maintenance SubCommittee (Equity) of NSE Indices Ltd. has decided to exclude JIOFIN from various indices as listed here under effective from September 7, 2023 (close of September 6, 2023). It may be noted that if JIOFIN hits the price band on September 6, 2023, the exclusion shall not be deferred further.
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