Jio Financial Services shares surged 5.4% to Rs 250.50 amid strong volumes, extending gains to a second session. The rally was fueled by positive market sentiment and news of Jio Platforms appointing 17 investment banks for its potential IPO. Despite recent underperformance, the stock saw significant trading activity.

Jio Financial shares surged over 5%, becoming Nifty's top day gainer

Shares of Jio Financial Services surged 5.4% intraday to hit the day's high of Rs 250.50 on the NSE. The price action happened amid strong volumes as over 1.5 crore shares changed hands with a total traded value crossing Rs 374 crore.

The stock extended gains to second session in a row, gaining nearly 7% in two sessions. It was the top Nifty gainer today.

The prices likely surged on positive sentiment in the overall market and the news around Jio Platforms initial public offering (IPO).

Reliance Industries' telecom & digital arm has appointed as many as 17 investment banks to manage its proposed public issue, as reported by ETNow, signaling the formal start of preparations for what could become India's largest-ever IPO.

The bankers onboarded for the issue include global heavyweights such as Goldman Sachs, Morgan Stanley, Citigroup and JPMorgan, alongside domestic players like Kotak Mahindra Capital, Axis Capital, JM Financial and SBI Capital Markets. Other international banks, such as HSBC, have also been roped in, reflecting the scale and global investor interest expected in the offering.

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Read more | RIL appoints 17 bankers for a potential Rs 40,000 crore Jio Platforms IPO

Meanwhile, RIL's shares were up 1% following the news.

Jio Financial shares have significantly underperformed the markets, sliding over 20% in the past six months versus 6% drop in Nifty and 7% in the BSE Sensex.

Its shares are now trading below their 50-day and 200-day simple moving averages (SMAs) of Rs 261 and Rs 297, respectively, according to Trendlyne data.

Jio Financial Services reported a mixed set of numbers for the December quarter, with sharp growth in core operating income but a decline in profitability. Net profit for the third quarter came in at Rs 269 crore, down 9% year-on-year from Rs 295 crore a year-ago.

Revenue from operations rose to Rs 901 crore in Q3FY26, more than double from Rs 438 crore reported in the year ago period. This is an increase of 106%.

On a quarter-on-quarter basis, profit declined 61% from Rs 695 crore in the September quarter. On a sequential basis, total income declined 10% from Rs 1,002 crore posted in Q2FY26. Compared with the preceding quarter, operating revenue fell 8%.

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