Jio Financial Shares Plunge 7% After Q3 Earnings

New Delhi, Jan 16 (PTI) Shares of Jio Financial Services Ltd on Tuesday fell by nearly 7 per cent after the company reported a 56 per cent decline in consolidated net profit at Rs 294 crore for the third quarter ended December 2023, compared to the previous quarter.

The stock declined 6.71 per cent to settle at Rs 248.90 apiece on the BSE. During the day, it tumbled 7.60 per cent to Rs 246.50.

On the NSE, it declined 6.48 per cent to Rs 249.45 per share.

The company's market valuation eroded by Rs 11,372.38 crore to Rs 1,58,133.24 crore.

In volume terms, 95.44 lakh shares of the company were traded on the BSE and over 7 crore shares exchanged hands on the NSE during the day.

The company had earned a consolidated net profit of Rs 668 crore in the second quarter of the current fiscal, Jio Financial Services said in a regulatory filing on Monday.

Revenue too moderated to Rs 414 crore, from Rs 608 crore in the September quarter.

For the nine months ended December, the company's net profit stood at Rs 1,294 crore, the filing said.

Total expenses increased to Rs 98.95 crore from Rs 71.43 crore in the previous quarter.

Jio Financial Services, carved out from Reliance Industries Ltd, is engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator and payment gateway services.