Here's why December 23 is crucial for Mukesh Ambani's Jio Financial Services

In a significant development for Reliance Industries Chairman Mukesh Ambani and his son Akash Ambani, Jio Financial Services will be included in the BSE Sensex 50 starting December 23, 2024. The announcement was made by Asia Index Private Ltd, a subsidiary of the Bombay Stock Exchange (BSE).

Jio Financial Services, led by Akash Ambani, along with online food delivery giant Zomato, will join the benchmark 30-stock BSE Sensex. This marks a key milestone for Zomato, which has experienced remarkable growth over the past year. Hindustan Aeronautics Ltd (HAL) will also be added to the index.

However, three major companies – HDFC Life Insurance Company, Bharat Petroleum Corporation Ltd, and LTI Mindtree – will exit the Sensex. The reconstitution will impact multiple indices, including the BSE 100, BSE Sensex 50, and BSE Sensex Next 50.

Jio Financial Services, chaired by Akash Ambani, has a market valuation exceeding $20 billion. Akash is the eldest son of Mukesh Ambani, Asia’s richest man, who continues to see his wealth grow. According to Forbes’ Real-Time Billionaires List, Mukesh Ambani’s net worth has reached $99.3 billion as of November 23, 2024.

Globally, SpaceX CEO Elon Musk remains the richest person, with a staggering net worth of $334 billion, making him the sole member of the $300 billion club.

The inclusion of Jio Financial Services and Zomato reflects their growing importance in India’s financial and tech landscape, while the changes in the BSE indices underline evolving market dynamics. The updates are expected to drive fresh investor interest in these stocks.