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| Photo Credit: Reuters

Life Insurance Corporation of India (LIC) has secured 6.66% holding in Jio Financial Services Ltd. consequent to the demerger of the financial services business of Reliance Industries.

It was an investment function and the shares were acquired through the demerger. The cost of acquisition was 4.68% of the demerged cost of Reliance Industries, LIC said on Tuesday, in a filing to the stock exchange, even as Jio Financial Services shares for the second consecutive day, post listing, fell 5% triggering the lower circuit.

On NSE, Jio Financial Services shares closed 5% lower to ₹236.45 apiece, while on BSE they ended 4.99% lower at ₹239.20 each. On Monday, the shares listed at ₹262 on NSE and ₹265 on BSE, closing 5% lower.