Shares of Jio Financial Services, the demerged financial services unit of Reliance Industries, listed on the bourses on Monday, with the stock falling nearly 5 per cent on the NSE later in the trade.

On the BSE, shares of the company began the trade at Rs 265, up 1.20 per cent against Rs 261.85, the price fixed at a special price discovery session held last month. However, the stock later fell by 3.85 per cent to hit Rs 251.75 -- its lower circuit limit -- against Rs 261.85.

Shares of the company listed at Rs 262 on the NSE but later declined 4.94 per cent to Rs 248.90 -- its lower circuit limit.

The company commanded a market valuation of Rs 1,59,943.93 crore in morning deals.

Jio Financial Services Ltd (JFSL) demerged from Reliance last month.

In a special price discovery session held on the record date last month, the stock's pre-listing price came out to be Rs 261.85.

"Trading members of the exchange are hereby informed that effective from Monday, August 21, 2023, equity shares of Jio Financial Services Ltd (formerly known as Reliance Strategic Investments Limited) shall be listed and admitted to dealings on the exchange in the list of T Group of securities," BSE said in a notice on Friday.

The scrip will be in the Trade-for-Trade segment for 10 trading days, it had said.

Reliance Industries demerged its financial services undertaking into RSIL (Reliance Strategic Investments Ltd), which was renamed as JFSL. Shareholders got one JFSL share for each Reliance share they held.

In the equity market, the 30-share BSE Sensex was trading with a gain of 236.55 points at 65,180.58. The NSE Nifty rose 67.90 points to 19,378.05.