Jio Financial Services Shares Hit Lower Circuit in Debut Trade
IIE Digital Desk : Shares of Jio Financial Services hit the lower circuit in their debut trade on the BSE and NSE on Monday, after the company raised Rs 4,500 crore through an initial public offering (IPO). The stock opened at Rs 64.50 on the BSE, below its issue price of Rs 66 per share. It then declined to touch the lower circuit of Rs 63.75. On the NSE, the stock opened at Rs 64.45 and hit the lower circuit of Rs 63.70. The IPO was subscribed 1.59 times, with retail investors bidding for 11.62 times the shares reserved for them.
Jio Financial Services is a wholly-owned subsidiary of Reliance Industries. It offers a range of financial services, including digital lending, insurance, and wealth management. The company's IPO was the largest in India this year. The weak debut of Jio Financial Services shares is a sign of the cautious sentiment in the market. Investors are worried about the rising interest rates and the impact of inflation on corporate earnings.
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