After making its debut on the stock exchange on Monday, the shares of Jio Financial Services hit the 5% lower circuit for the third consecutive session on 23 August.

The demerger arm of Reliance Industries, Jio Financial Services, debuted on the stock market on 21 August. The shares were listed at Rs 265 per share on the BSE and Rs 262 per share on the NSE.

However, the stock has been failing miserably and hitting a 5% lower circuit since its listing amid heavy institutional selling and offloading by passive funds.

Many players who are tracking the stock commented that the decline could have more to do with the technical factors rather than fundamental ones.

The share was scheduled to exit from Nifty and Sensex on 23 August. However, on 22 August, the stock exchange postponed the exclusion and announced that the shares would now be excluded on 28 August instead of 23 August.

The decision comes after the stock had hit a lower circuit for two consecutive sessions after listing.

At 3:30 pm, the shares of Jio Financial Services closed at Rs 224.65 or 4.99% below its previous close on NSE.