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BSE on Tuesday announced the postponement of the removal of Jio Financial Services Ltd from all S&P BSE Indices from August 24 to August 29 after the stock hit the lower circuit for two days in a row.
In a circular, BSE said, “Asia Index Private Limited recently announced via Notice No: 20230818-21 that effective before the open of trading on Thursday, August 24, 2023, Jio Financial Services Ltd will be removed from all the S&P BSE Indices following its listing on Monday, August 21, 2023, due to its spin-off from its parent, Reliance Industries.”
“AIPL is aware of the recent lower circuit hitting for JFSL. Since the stock has hit a lower circuit limit for 2 consecutive days, i.e., Monday, August 21, 2023, and Tuesday, August 22, 2023, the Index Committee has determined to postpone the removal of JFSL from all the S&P BSE Indices by another 3 days.”
The circular added that if JFSL continues to hit the lower circuit in the next two days, the removal date will be deferred by another three days.
Additionally, if JFSL does not hit the lower circuit on either of the next two days but hits it on the third day, the removal of JFSL from all the S&P BSE Indices will be deferred by another three days.
“Any postponement of a removal will be communicated as soon as possible; any changes to this approach would be announced via the standard channels,” it said.
On Tuesday, JFSL shares opened down 5 per cent at Rs 236.45 and stayed at that price. They ended 5 per cent lower on Monday in their trading debut as funds continued to trim their holding.
Since Reliance is part of the benchmark Nifty 50 and Sensex, JFSL was automatically included in the indices. But it will be removed from the benchmark indices once its price stabilises.
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