India`s Jio Financial slides 5% again as index funds sell-off continues
Shares in India's Jio Financial Services (JFS), part of Reliance Industries, fell a maximum of 5% 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 236.45 rupees per share. They opened at 262 rupees in their trading debut on Monday and fell 5%.
Billionaire Mukesh Ambani's Reliance spun off JFS last month, with the stock price set at 261.85 rupees during a special discovery session.
JFS is part of the benchmark Nifty 50 and Sensex due to their demerger from Reliance but they will be removed from the benchmarks at the end of third trading day, per exchange rules.
That, say analysts, has led to index funds selling their shares, which has led to the price drop
