Jio Financial share price has fallen over 11% in one month and declined 27% on a year-to-date (YTD) basis. The stock of Reliance Industries’ NBFC subsidiary has dropped 34% in six months and 32% in the past one year.

India's Jio Financial Services will buy shares it did not already own in its joint venture for 1.05 billion rupees ($12.03 million) from partner State Bank of India to bolster financial operations, the Reliance group company said on Tuesday.

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With a strong focus on digital financial solutions, the company is well-positioned for growth in India’s financial sector

India’s Jio Financial Services has agreed to purchase the remaining stake in Jio Payments Bank (JPBL) from State Bank of India (SBI). This acquisition involves a total of 7,90,80,000 equity shares for an aggregate consideration of Rs1.

JFS now owns an 82.17% interest in Jio Payments Bank, a joint venture which was initiated between SBI and JFS in 2018.

The acquisition will raise Jio Fin’s shareholding in Jio Payments Bank from 82.17% to 100%, converting it into a wholly-owned subsidiary.

Reliance Industries-backed Jio Financial Services (JFS) saw its share price surge over 5% on Wednesday after the company announced a major acquisition.The non-banking financial company (NBFC), which had been witnessing a continuous decline,

The financial services provider currently holds 82.17 per cent stakes of Jio Payments Bank Limited, a joint venture of Jio Financial and SBI, begun in 2018. Post this acquisition, JPBL will become a wholly owned subsidiary of the company,