Ambani’s Finance Unit Makes Tepid Debut on Passive Fund Selling
- Jio Financial shares slip below price discovered last month
- Selling by passive funds weighing on Jio shares: Piper Serica
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Shares of Jio Financial Services Ltd., a spun-off unit of Reliance Industries Ltd., fell in a widely-watched trading debut amid likely selling by passive-fund trackers.
Jio Financial’s stock dropped to 248.90 rupees ($3) on Monday, after opening at 265 rupees on the local BSE Ltd. bourse. Shares were priced at 261.85 rupees apiece through an hour-long special trading session last month, valuing the company at about $20 billion. Upon listing, Jio Financial will be part of a segment where buying and selling transactions have to be backed by the mandatory delivery of shares for 10 sessions.