Yes, that’s correct. Jio Financial Services will be removed from the Sensex tomorrow, September 1, 2023.
The Sensex is a stock market index that tracks the performance of the 30 largest and most liquid stocks on the Bombay Stock Exchange (BSE).
The removal of Jio Financial Services from the Sensex is likely to have a minor impact on the index.
The company’s market capitalization is relatively small, and it is not one of the top 30 stocks on the BSE.
However, the removal could be seen as a negative signal for the company, as it suggests that investors are not confident in its future prospects.
Jio Financial Services is a subsidiary of Reliance Industries, one of the largest conglomerates in India. The company offers a variety of financial services, including loans, insurance, and investment products. It has been growing rapidly in recent years, but it has yet to turn a profit.
The removal of Jio Financial Services from the Sensex is likely to be a temporary setback for the company.
The company is still in its early stages of development, and it is likely to need more time to grow and mature.
However, the removal could also be seen as an opportunity for the company to focus on its core business and improve its profitability.