Jio Financial Share Price: Shares of Jio Financial Services Limited rose sharply to reach a record level in the first trading session of the week i.e. on Monday. The stock witnessed a rise of 7.80 percent and made an all-time high of Rs 359.90. The share closed at Rs 355.75, up 6.56 percent. Now this share has increased by 73.83 percent from its one-year low of Rs 204.65. The lower level of the stock was seen on 23 October.

Why did the stock rise?

This rise in the stock today came after the report which said that Jio Payments can enter the soundbox segment. This feature is like Paytm Soundbox commonly used in retail outlets. Jio Financial's parent company Reliance Industrial Investments and Holdings Limited (RIIHL) informed that it has sold 100 percent of its equity in Jio Infrastructure Management Services Limited (JIMSL).

There was talk of the acquisition of Paytm Wallet.
Reliance Strategic Business Venture Limited (RSBVL) is a wholly-owned subsidiary of Reliance Industries and it provides business support services. Jio Financial said, 'This transaction is a related party transaction. The promoter and the promoter group have no interest in the above transaction. Earlier in the beginning of March, the Financial Services Arm of RIL made it clear that they were not in any talks for the takeover of Paytm Wallet.

After the report, it was made clear that the news going on about the rise in shares of Jio Financial is speculation. The company did not discuss anything regarding this.