New Delhi: Life Insurance Corporation of India (LIC) has picked up a 6.66% stake in Jio Financial Services Ltd.“… Corporation has acquired 6.660 per cent shareholding in ‘Jio Financial Services Ltd’ through demerger action by ‘Reliance Industries Ltd’,” LIC said in a regulatory filing.Jio Financial de-merged from Reliance Industries Ltd on July 13. As a part of that, shareholders of RIL were allotted one share of Jio Financial for every share held.LIC said the cost of acquisition is equivalent to 4.68% of the pre de-merged cost of RIL, according to the Hindu BusinessLine.LIC held 6.49% stake in RIL at the end of June 2023, the newspaper reported.The NBFC has a market capitalisation of Rs 1.6-lakh crore.Shares of Jio Financial were listed on the bourses on August 21. However, the stock underperformed on its debut. It declined by nearly 5% after the shares hit the stock market.It slipped 10% in two days.The shares hit 5% lower circuit on the BSE for the third day in a row on August 23.Avinnash Gorakssakar, head of research at Profitmart Securities, told Outlook the listing of Jio Financial Services was lacklustre as the share price had already been discovered at around Rs 260. Going ahead, unless the market gets a hint of the narratives in the business ahead by the company, its future growth targets will remain range-bound.“It’s advisable for long-term investors to retain Jio Financial Services shares, while short-term investors can stay away. Anticipate potential insights into Jio Financial Services’ future plans during the upcoming Reliance AGM,” Santosh Meena, head of research at Swastika Investmart Ltd, told the news outlet.