On Monday, Jio Financial's share price fell to 248.90 rupees ($3) from its initial price of 265 rupees on the BSE Ltd.
Last month, during a special trading hour, stocks were valued at 261.85 rupees each, giving the company an estimated worth of $20 billion.
Once listed, Jio Financial will join a sector where for 10 sessions, each purchase
and sale transaction necessitates the compulsory delivery of stocks.
Pressure to sell Jio Financial, previously a significant player in India's main indices, arises as its potential removal from these indexes looms.
ETFs and index funds are compelled to offload shares as the stock is soon to be delisted from the index.
Abhay Agarwal, a portfolio manager at Piper Serica Advisors Pvt, who possesses Reliance stocks, commented.
moneyintra.com