Jio Financial Services Ltd. saw retail investors increase their shareholding by 6.48%, even as the stock dropped nearly 20% since listing.
According to the shareholding pattern on BSE, institutional investors reduced their holding in the company by selling a total of 7.45% equity.
Non-institutional investors, on the other hand, increased their holdings to 17.74% out of the 53.23% equity held by public shareholders.
Shares of Jio Financial have fallen over 20% since listing on Aug. 21, as compared with a 1.1% decline in the benchmark Nifty 50.
Since listing, the stock fell 18.6% over four days after being listed at Rs 262 apiece on the NSE.
Domestic institutional investors now hold 13.7% equity in the company, while foreign institutions hold 21.6%. This is a reduction of 2.6% and 4.9% since Aug. 10, respectively.
A total of 768 FIIs and 51 DIIs have removed the stock from their holdings.
Over 8.2 lakh non-institutional investors added the stock to their portfolios over the same period. Of this, over 8.05 lakh investors hold up to Rs 2 lakh of capital.
Public shareholders reduced their holding by 0.97% equity, which was bought by promoters of the company.
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