Beating the estimates, the market discovered price of Jio Financial Services (JFS) has valued the subsidiary of Reliance Industries Ltd (RIL) at Rs1.72 lakh crore or over US$21bn (billion). This valuation will put JFS as India's 32nd most valuable company by market capitalisation ahead of the likes of Adani Ports, Adani Green, Tata Steel, Coal India, HDFC Life, Indian Oil Corp (IOC) and Bajaj Auto Ltd. Jio Financial Services, which started trading as part of 19 indices, including Nifty 50 will remain part of these indices at a constant price until it gets listed officially.