The market cap of Jio Financial Services Limited (JFSL) has crossed ₹2 lakh crore for the first time. Shares of JFSL surged 14.50% to hit an all-time high of ₹347 today.
However, the stock is trading at ₹332.20, up 9.62% on the Bombay Stock Exchange (BSE), after falling slightly below its all-time high at 12 noon. At this price, the market cap of the company is Rs 2.11 lakh crore.
At the same time, Reliance Industries Limited (RIL) also made an all-time high of ₹2,989. At 12 noon, RIL shares were trading at ₹2,977.45, up 0.48%, slightly below their highs. Reliance is the largest company in the country with a market cap of 20.14 lakh crores.
Six months ago, Jio Financial Services was spun off from its parent company Reliance Industries Limited (RIL). After the demerger, the share price of Jio Financial under the price discovery mechanism was Rs. 261.85 was fixed.
After this, on August 21, 2024, the company’s shares were listed on the Bombay Stock Exchange (BSE) at ₹ 265. At the same time, the stock was listed at ₹262 on the National Stock Exchange (NSE).
Jio Financial plans to launch consumer and merchant lending businesses. Global financial services giant Macquarie in its report last year termed Reliance’s financial services business as a major threat to Paytm and other fintech companies in terms of market growth.