The state-run insurance behemoth, Life Insurance Corporation (LIC), on 22 August announced that it has acquired a 6.66% stake in the demerged non-banking financial services, Jio Financial Services Ltd (JFSL), which is a unit of the Mukesh Ambani-led Reliance Group.

The company, formerly known as Reliance Strategic Investments Limited, is a demerged financial arm of Reliance Industries and is now known as Jio Financial Services Ltd.

In an exchange filing, LIC said that the cost of acquisition of JFSL is 4.68% of the pre-demerger price of Reliance Industries.

As of 30 June, LIC holds a 6.49% stake in Reliance Industries.

The company debuted in the stock market on 21 August with a market capitalisation of around Rs 1.60 lakh crore.

At 3:30 pm, the shares of Jio Financial Services closed at Rs 236.45 or 5.00% lower after the stock hit a 5% lower circuit for the second straight intraday session on the NSE.