Business Standard

Life Insurance Corp picks up 6.66% stake in Jio Financial Services

The cost of the acquisition was 4.68 per cent of the pre-demerged cost of Reliance Industries Ltd

Jio Financial Services

According to the shareholding pattern of the demerged financial arm of Reliance Industries Ltd, the promoter group (Ambani family) owns 46 per cent equity in the company | Photo: Bloomberg

Aathira Varier Mumbai

Listen to This Article

Life Insurance Corporation of India (LIC) has picked up a 6.66 per cent stake in newly listed Jio Financial Services Ltd.

The cost of the acquisition was 4.68 per cent of the pre-demerged cost of Reliance Industries Ltd, according to the notice of the company dated July 19, 2023, LIC said in an exchange filing on Tuesday.

According to the shareholding pattern of the demerged financial arm of Reliance Industries Ltd, the promoter group (Ambani family) owns 46 per cent equity in the company.

Jio Financial Services, which made an entry in the bourses on Monday, slipped 10 per cent in two days. The share, which started trading at Rs 262 on the National Stock Exchange, ended the session at Rs 248.90. The stock witnessed a drop of 5 per cent due to selling pressure from index funds. The losing streak continued for a second straight day today as the stock was stuck in lower circuit at Rs 235.45 on the National Stock Exchange.

At 12:00 PM, Jio Financial Services was locked 5 per cent down at Rs 236.45 on the National Stock Exchange.

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Aug 22 2023 | 1:21 PM IST

Explore News