Jio Financial Services, the demerged financial services unit of Reliance Industries, hit the lower circuit for the third straight day on Wednesday amid sustained selling by passive funds.

The company’s shares were locked at Rs 224.65 on the NSE after hitting the 5% lower limit. On the BSE, the stock slid to Rs 227.25 apiece.

Index funds were expected to offload shares worth $465 million ahead of its exit from key indices post listing.

Jii Financial Services may now be removed from all relevant exchange indices from August 28 instead of August 23.

However, if Jio Financial hits lower circuit on Thursday, the removal date will be deferred by another 3 days. Additionally, if JFSL does not hit the lower circuit limit on either Wednesday or Thursday, but hits the lower circuit limit on the 3rd day, the removal of JFSL from all NSE and BSE Indices will be deferred by another 3 days, an exchange note said on Tuesday.

The stock has a 5% circuit filter for 10 trading days from the date of listing. There will be no intraday trading during this period.

The shares are still trading at a price which is above the Rs 179-224 value that some analysts had earlier ascribed to the company. Analysts believe that the current price to book value is on the higher side when compared to a lot of existing NBFCs and banks but that reflects the potential that investors see in it to disrupt the fintech space.