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After placing stakes in several companies of Gautam Adani, the Life Insurance Corporation of India has now reposed faith in Mukesh Ambani. The country's largest insurance company LIC has bought 6.66 percent stake in the new company 'Jio Financial Services Limited', which is going to be listed in the market after breaking away from Reliance Industries. After all, what is its meaning…?
It is already being said about Jio Financial Services that it will be the 5th largest company working in the country's finance sector. In such a situation, the betting of a big company like LIC in this gives further strength to this claim of the market. However, before this, LIC had to face a lot of backlash for investing in Gautam Adani's companies.
Got the benefit of de-merger
Listed in the stock market, LIC informed on Tuesday that it has acquired 6.66 percent shares of Jio Financial Services. He has got the benefit of separation (de-merger) of Jio Financial from Reliance Industries.
LIC has got this stake at a cost equal to the cost of 4.68 percent before this de-merger of Reliance Industries. As of June 30, 2023, LIC had 6.49 percent stake in Reliance Industries.
Jio Financial's stock broke
Jio Financial Services was earlier known as Reliance Strategic Investment Limited. Trading in its shares has started from 21 August. There is a lower circuit in its stock on both the trading days. It broke 5 percent for the second consecutive day. On Monday, its stock was listed at Rs 265 on BSE and Rs 262 on NSE. On Tuesday, its price has come down to Rs 239.20 on BSE and Rs 236.45 per share on NSE.
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