Jio Financial Services share price fell over 1% in Wednesday's trading session amid Jio Platforms IPO listing. The Reliance stock opened at ₹207.24 apiece on NSE today and touched an intraday low of ₹204.16 on 28 October.
Meanwhile, Reliance-backed Jio Platforms’ ₹30,213-crore initial public offering (IPO) made its stock market debut on the BSE and NSE today, rewarding successful allottees with a listing gain of around 21%. The shares opened at ₹1,358 on both exchanges, compared with the IPO’s upper price band of ₹1,119 per equity share.
However, market experts believe the impact of the Jio Platforms IPO on Jio Financial Services shares is likely to be indirect rather than immediate.
“The Jio Platforms IPO may draw greater investor interest towards the broader Jio ecosystem, but its influence on Jio Financial Services is expected to be indirect. Jio Platforms’ telecom and digital services business operates on different earnings drivers than Jio Financial Services’ lending, payments and other financial services operations. Investors should therefore avoid assuming that the IPO alone will trigger a sustained rally in Jio Financial Services,” said Gaurav Garg, Head of Research at Lemonn.
Jio Financial Services posted a 51% year-on-year (YoY) drop in profit after tax (PAT) to ₹340 crore in Q2 FY27, compared with ₹695 crore in the corresponding quarter of the previous fiscal year.