By Malvika Gurung
Investing.com -- Despite falling 14% since its debut on Dalal Street last week, more than 3.7 crore equity shares of Jio Financial Services Ltd (NS:) have been purchased by an asset management company.
Motilal Oswal (NS:) Mutual Fund has picked a total of 3.72 crore shares of Jio Financial Services through an open market transaction on Friday, even after the financial stock shed 14% of its share price since its listing on the Indian stock exchanges on August 21, 2023.
As per the NSE bulk deal data, the mutual fund company acquired a 0.6% stake in Jio Financial Services on Friday, buying 3,72,00,000 equity shares of the company at an average price of Rs 202.8 apiece. This totals Motilal Oswal Mutual Fund’s total transaction value to Rs 754.41 crore.
Shares of the financial company were listed at a price of Rs 265/share on the BSE and Rs 262/share on the NSE last week on Monday, and hit a 5% lower circuit shortly after. The stock continued to consecutively hit 5% lower circuits for three subsequent sessions thereafter.
However, some buying interest was seen in the previous session on Friday as the stock surged 5% during the intraday trade, while ending the day 0.5% in green, after having plunged 18.5% until Thursday.
MF Buys 3.72 Crore Jio Financial Services Shares Despite 19% Fall Since Debut - Investing.com India
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