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Shares in Jio Financial Services (JFS), part of Reliance Industries, fell a maximum of 5 per cent for a second straight day on Tuesday as passive funds continued selling ahead of the stock exiting the benchmark indexes.
JFS shares fell limit-down to Rs 236.45 per share. They opened at Rs 262 in their trading debut on Monday and fell 5 per cent.
Mukesh Ambani's Reliance spun off JFS last month, with the stock price set at Rs 261.85 during a special discovery session.
JFS is part of the benchmark Nifty 50 and Sensex due to its demerger from Reliance, but it will be removed from the benchmarks at the end of the third trading day, in line with exchange rules.
That, say analysts, has led to index funds selling their shares, which has led to the price drop.
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