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Shares of India's Jio Financial Services (JFS) on Friday rose for the first time since its market debut on Monday, having hit its lower trading limit for five sessions.

The stock rose as much as 4.7%, after opening down 5%. It swung repeatedly between gains and losses in extremely volatile trading and was last down 0.2% at 213.10 as of 11:19 a.m. IST (0549 GMT).

Spun out of billionaire Mukesh Ambani's Reliance Industries, JFS was valued at around $20 billion during a "price discovery" session in mid-July, but has since dropped to $15.6 billion as of Friday.

JFS was automatically included in the benchmark Nifty 50 and Sensex indexes due to Reliance's presence, with the plan to remove the stock at the end of Aug. 23.

However, India's stock exchanges on Aug. 22 delayed the removal till Aug. 28, as the stock continuously hit lower circuits.

S&P Dow Jones Indices on Friday said JFS will now be removed from all the S&P BSE Indices effective prior to the open of trading on Sept. 01.

Analysts had said the continuous selling seen on the stock was related to funds selling JFS stock that they had gotten as a part of Reliance Industries' demerger and expected it to subside, as passive funds tracking indexes exit the stock ahead of its removal from benchmark indexes.

The cumulative selling of JFS in both the Nifty and BSE indexes is estimated around 150 million to 160 million shares, Nuvama Alternative & Quantitative Research said in a note on Friday.

About 227 million shares changed hands on Friday, as per Refinitiv data.