Jio Financial Services share price gained over 3% on Tuesday amid reports of a block deal in the stock. Jio Financial Services shares gained as much as 3.23% to 218.50 apiece on the BSE.

According to an Economic Times report, around 0.8% equity of Jio Financial Services changed hands in the block deal. shares were also among the top gains on the Nifty index. However, will be removed from Sensex, Nifty and other indices with effect from September 1, as per the exchange norms. Jio Financial Services Ltd (JFSL) was listed on the stock exchanges on August 21 after its demerger with the billionaire Mukesh Ambani-led oil-to-telecom conglomerate Reliance Industries. The stock was listed at 265 apiece on the BSE and 262 per share on the NSE as compared to its discovered price of 261.85 apiece. Since its listing, JFSL stock continued to hit for consecutive sessions, on persistent selling from institutions who have to exit from the stock before it is removed from the indices. JFSL shares have plunged over 20% from its listing price, while its market capitalization has declined to around 1.37 lakh crore from 1.61 lakh crore. On Monday, Reliance Industries Chairman Mukesh Ambani announced that Jio Financial Services will enter the insurance segment to offer life, general and health insurance products. “Jio Financial Services will enter the insurance segment to offer simple, yet smart, Life, General, and Health insurance products through a seamless digital interface, potentially partnering with global players,” Ambani said in his address to shareholders at Reliance Industries’ Annual General Meeting (AGM) on Monday. JFS will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way, Ambani added. In payments, JFS will consolidate its payments infrastructure with a ubiquitous offering for both consumers and merchants, further driving digital payment adoption for India. JFS products will not just compete with current industry benchmarks but also explore path-breaking features such as blockchain-based platforms and CBDC. They will adhere to the highest standards of security, regulatory norms and ensure protection of customer transaction data at all times, he added. Meanwhile, on Friday, (MF) had acquired 3.72 crore of JFSL shares for rs 754 crore via open market transaction. According to the NSE’s bulk deal data, Motilal Oswal Mutual Fund purchased 3,72,00,000 shares, or 0.6% of Jio Financial Services. At 12:40 pm, Jio Financial Services share price was trading 2.62% higher at 217.20 apiece on the BSE.