Unlocking value

The listing of Jio Financial Services (JFS) may have been slightly disappointing for investors since the stock hit the lower circuit. It may be partly because of profit booking. However, it would still be among the largest non-banking financial companies in terms of market value. In the long term, the spinoff from Reliance Industries Ltd (RIL) is likely to be a good decision and, in one sense it implies the group is testing the waters for other spinoffs. The initial valuation also surprised market analysts since the accounting assumption was that the JFS share was worth around Rs 130 whereas