Jio Financial Services shares slipped 4% to Rs 264.15 against the previous close of Rs 275.80 on BSE. Jio Financial Services shares slipped 4% to Rs 264.15 against the previous close of Rs 275.80 on BSE. Jio Financial Services shares slipped 4% to Rs 264.15 against the previous close of Rs 275.80 on BSE. Jio Financial Services Ltd shares tumbled 4% on Tuesday even as the financial services firm said its joint venture (JV) with global asset management giant BlackRock, Jio BlackRock Investment Advisers Private Ltd, has incorporated a wholly owned subsidiary named Jio BlackRock Broking Private Ltd to enter the broking business.
Jio Financial Services shares slipped 4% to Rs 264.15 against the previous close of Rs 275.80 on BSE. Market cap of the firm slipped to Rs 1.68 lakh crore.
"Jio BlackRock Investment Advisers Private Limited, a Joint Venture company of the Company has today at 10.42 a.m. has informed that it has incorporated a wholly owned subsidiary named ‘Jio BlackRock Broking Private Limited’ on January 20, 2025 to carry on, inter alia, the business of broking subject to regulatory approvals," said Jio Financial.
The JV between Jio Financial Services and BlackRock, was formed in July 2022. It includes a 50:50 partnership, with both companies committing $150 million each to launch a digital-first wealth management and broking platform.
Jio Financial Services logged a 3.13% year-on-year rise in consolidated net profit to Rs 689.07 crore in Q2 FY25 against Rs 668.18 crore in Q2 FY24. Total income climbed 14.11% to Rs 693.85 crore in Q2 compared to Rs 608.04 crore in the same period last year.