Shares of Jio Financial Services Ltd. tumbled 5.68% on Monday after its third-quarter profit declined. This is the largest intraday fall since the stock was listed in August last year.
The company's net profit declined 20.6% sequentially to Rs 70.48 crore in the quarter ended December, according to an exchange filing. This was attributed to the rise in its operating expenses.
The company's operating expense rose 69.2% quarter-on-quarter to Rs 22 crore, while staff expense increased 16.6% sequentially to Rs 14 crore.
Jio Financial Services Q3 Results Highlights (QoQ)
Total income down 10% at Rs 134.08 crore.
Net profit down 20.6% at Rs 70.48 crore.
Shares of Jio Financial Services slumped as much as 5.68% to Rs 251.60 apiece, lowest level since Jan 11. It was trading 3.67% lower at Rs 256.95 apiece as of 09:51 a.m. This compares to a 0.01% decline in the NSE Nifty 50 Index.
It has risen 3.7% on a year-to-date basis. Total traded volume so far in the day stood at 5.7 times its 30-day average. The relative strength index was at 64.12.
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