Reliance's Jio Financial Services Makes Tepid Market Debut
Jio Financial Services, a subsidiary of Reliance Industries, saw its shares fall by 5% on its market debut, valuing the company at $19 billion. Despite not yet establishing a presence in India's financial services sector, Jio Financial Services is expected to benefit from its access to data from Reliance's telecom, digital, and retail businesses. The company has already formed a joint venture with BlackRock to launch asset management services in India. Jio Financial Services aims to become a full-service financial services player.