Jio Financial Services is slated to be removed from the Nifty 50 and other key indices of the National Stock Exchange (NSE), effective September 7.  

This decision to exclude Jio Financial from NSE indices follows a similar move by the Bombay Stock Exchange (BSE), which recently removed the company from the Sensex and other BSE indices. 

Jio Financial experienced a substantial upswing in its stock price on Monday, with shares surging by up to 9 per cent. The stock surpassed its listing-day price of Rs 262 on the NSE. This surge can be attributed to a recent adjustment in the circuit limit for the stock, which was raised from 5 to 20 per cent. 

Jio Financial made its highly anticipated debut on the stock exchanges on August 21, marking a significant event for Reliance Industries (RIL). However, the initial days following its listing were marked by selling pressure, primarily driven by passive funds adjusting their portfolios in anticipation of the stock’s removal from Nifty 50 and Sensex benchmarks. 

The inclusion of Jio Financial in the key indices of both NSE and BSE took place on July 21, following the demerger of the financial services business from RIL. This inclusion was determined through a special pre-open session in RIL to establish the initial price for Jio Financial. 

As of Tuesday’s trading session, shares of Jio Financial closed 0.7 per cent higher on the NSE at Rs 255.30, while its parent company, RIL, witnessed a 0.6 per cent increase in its stock price, closing at Rs 2,426.