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By Chiranjivi Chakraborty
India’s largest stock exchange will add Zomato Ltd. and Jio Financial Services Ltd. to its flagship index at the end of March, signaling acceptance of new age technology stocks by mainstream investors.
Food and grocery platform Zomato and financial technology firm Jio Financial will replace Britannia Industries Ltd. and Bharat Petroleum Corporation Ltd. in the NSE Nifty 50 Index on March 28, according to a statement by the National Stock Exchange of India Ltd. on Friday.
The announcement marks the first additions of digital era stocks to the country’s most widely tracked equity gauge. Zomato was included in the BSE Sensex late last year.
The index changes reflect the growing clout of young Indian firms that cater to an increasingly tech savvy and affluent consumer base. Listings of such companies have multiplied on Indian bourses ever since Zomato went public in 2021, with Ola Electric Mobility Ltd. and Swiggy Ltd. among last year’s notable offerings.
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Shares of the two new Nifty 50 inductees have shed more than $20 billion in combined market value from last year’s peak levels, amid a broader market slump. Slowing consumption and tough competition have weighed on Zomato’s performance. Jio Financial, a unit of billionaire Mukesh Ambani’s Reliance Industries Ltd., has faced questions over high valuations.
As such, the $46 billion in passive funds tracking the Nifty 50 may provide some support. Zomato may see inflow of $630 million following the rebalance, while Jio Financial could see buying worth $320 million, according to an analysis by Nuvama Wealth Management Ltd.
--With assistance from Alex Gabriel Simon, Advait Palepu and Anto Antony.
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