Jio Financial Services Ltd. will be excluded from the NSE Nifty 50 and other Nifty indices as of Sept. 7.
As JFS has not hit the price band on two consecutive trading days on Monday and Tuesday, the Index Maintenance Sub-Committee (Equity) of the NSE Indices Ltd. has decided to exclude JFS from various indices, according to a statement on Tuesday.
Even if it hits the price band on Wednesday at the National Stock Exchange, the exclusion will not be deferred further, it said.
The stock will be removed from the Nifty50, Nifty100, Nifty200, Nifty500, Nifty50 Equal Weight, Nifty100 Equal Weight, and Nifty500 Multicap 50:25:25, among others.
The stock of the Mukesh Ambani-owned financial services company has hit the price band in six out of 12 sessions since its listing on Aug. 21.
The JFS listing ceremony on the BSE also didn't see any participation from the promoter family members, including Isha Ambani, who is the director on the board. Only the key managerial personnel were present to ring the bell, including Non-Executive Chairperson KV Kamath.
The last time a Mukesh Ambani company listed was a decade ago when Reliance Petroleum Ltd. made an initial public offering in 2013. RPL was subsequently merged with Reliance Industries Ltd.
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