BENGALURU, Aug 21 Reuters Shares in India39;s Jio Financial Services JFS, carved out of billionaire Mukesh Ambani39;s Reliance Industries, fell as much as 5 on their trading debut on Monday, valuing the company at 1.58 trillion rupees 19 billion.

JFS39; stock opened at 262 rupees and fell to a low of 248.90 rupees, with almost 70 million shares trading hands. Reliance Industries had approved the listing of 6.35 billion shares, but it was not immediately clear how much of a stake this represented in the company.

The current valuation makes JFS the thirdlargest nonbanking financial company NBFC in India, behind Bajaj Finance and Bajaj Finserv, which are valued at 4.15 trillion rupees and 2.32 trillion rupees, respectively.

While JFS is yet to build out a business in India39;s fastgrowing financial services sector, analysts say its access to the vast trove of data from Reliance39;s telecom, digital and retail businesses will give it a leg up in lending.

JFS has already formed a joint venture with BlackRock Inc to launch asset management services in India, with an initial investment of 150 million each.

JFS intends to be a full service financial services player, nonexecutive chairman KV Kamath said during the listing ceremony.

Ambani39;s Reliance had last month spun off JFS, with the stock price set at 261.85 rupees during a special discovery session. The price was higher than the 160190 rupees per share estimate by five analysts polled by Reuters.

As part of the…