The BSE stock exchange has revised the price band for Jio Financial Services to 20 percent from 5 percent along with those for nine other stocks.
The revision in price bands of the 10 stocks was announced on September 1.
The price bands for Shri Venkatesh Refineries, RailTel Corporation of India, India Pesticides, SRG Securities Finance, Dolphin Offshore Enterprises and Super Fine Knitters has been revised to 10 percent.
Those for Rishabh Digha Steel & Allied Products, Vertex Securities and RattanIndia Power have been changed to 5 percent.
Leading exchanges NSE and BSE set price bands for all securities which serve as boundaries for stock trading. The purpose of circuit limits is to curb extreme volatility in stocks, protect investors’ interest and enhance market integrity.
The BSE had announced the removal of Jio Financial Services (JFS) from its indices, including the benchmark 30-pack Sensex, from September 1.
Initially scheduled for removal by August 23, the stock's exclusion plan was delayed by exchanges as it continued to be locked in the lower circuit.
Jio Financial Services will enter the insurance segment to offer life, general, and health insurance products, potentially partnering with global players.
JFS has already announced its foray into the asset management industry in partnership with Blackrock. Together, the partnership will introduce a new player to the India market targeting an initial investment of $300 million.
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