Mukesh Ambani will now distribute loans in large numbers! Banks are trembling with the company's new plan

Jio Financial Share Price: The stock of Jio Financial Services fell to Rs 321.75 in the trading week ended on Friday. In April 2024, the stock touched an all-time high of Rs 394.70.

Jio Financial Services: Mukesh Ambani's company Jio Financial Services is planning to launch a new facility. According to the announcement made by the company, Jio Finance Limited, the NBFC of Jio Financial Services, said that it is in the final stages of launching the home loan service. Its beta testing has been started. Apart from this, the company is also going to introduce other products like loans on property and loans on securities.

This facility was started as beta testing

Addressing the shareholders at the first AGM, the company's MD and CEO Hitesh Sethia said, "We are in the final stages of the process of launching the loan facility, which has been started on a trial basis. Other products like loan against property and loan against securities are also in process." He said that Jio Finance Limited has already introduced secured loan products like supply chain financing, loans against mutual funds, and enterprise solutions for equipment financing in the market.

Where did the company's stock reach?

Jio Financial Services' stock fell to Rs 321.75 in the trading week ended on Friday. The stock has touched an all-time high of Rs 394.70 in April 2024. The all-time low of the stock is Rs 204.65. The company has recently received approval from the Reserve Bank of India to operate as a major investment company (CEC). The company had reported a profit of Rs 332 crore in the same quarter a year ago.

Let us tell you that before the annual meeting, Jio Financial Services had purchased 6.8 crore equity shares of Jio Payments. After this, the stake has increased to 82.17%. These shares have been purchased by Jio Financial at a face value of Rs 10 per share. This has led to a total cash investment of Rs 68 crore.