Jio Financial Services (JFSL), Reliance Industries' demerged financial services business, has been valued at Rs.1.66 lakh crore after its stock was priced at Rs.261.85 per share following a special trading session on July 20. The stock price exceeded Dalal Street's expectations of 160-200 per share, propelling Jio Financial's market capitalisation above that of established lenders such as IndusInd Bank, Bank of Baroda, PNB, and Canara Bank.

Jio Financial's 'constant price' was discovered during a session on the NSE on Thursday between 9 AM and 9.45 AM. Following a demerger, the NSE held a special session for 'constant price' discovery for the first time.

Jio's price is the difference between Reliance's closing price of ₹2,841.85 on Wednesday and the price of ₹2,580, which was derived during the special session on Thursday. Reliance Industries shares gained 1.19% to close at ₹2,619.80 on Thursday. RIL shares, along with JFSL, are at all-time highs.

"Jio Financial's discovered constant price of 261.85 per share versus an implied value of 133 per share is due to its strong net worth of approximately 1 lakh crore on a consolidated basis, which is seen enabling faster growth in an already competitive financial marketplace," said Pankaj Pandey, head of research at ICICI Securities.

Centrum Broking values Reliance Strategic Investments (Jio Financial) at 235 billion (23,500 crore), based on Reliance Industries' standalone networth of 5 trillion (5 lakh crore) and Reliance Strategic Investments' apportionment ratio (demerger cost of share acquisition) of 4.68%.