Shares of Jio Financial Services (JFS), carved out of Reliance Industries, dropped as much as 5% on their market debut on Monday.
The stock opened at 262 rupees and fell to a low of 248.90 rupees, valuing the company at 1.58 trillion rupees ($19 billion).
With over 70 million shares changing hands, JFS' market cap made it India's third-largest non-banking financial company.
While yet to establish its financial services business, JFS will benefit from parent Reliance's vast customer and transaction data.
It has formed a BlackRock JV to launch asset management in India with $150 million each.
As part of the demerger, Reliance shareholders received one JFS share for every held share.
JFS chairman KV Kamath said the firm intends to be a full-fledged financial services player.
The debut listing came after Reliance last month approved the spin-off, setting JFS' shares at 261.85 rupees during a special session.
