Jio makes India's largest-ever stock market debut, raising $3.2bn

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Jio makes India's largest-ever stock market debut, raising $3.2bn

Reliance's Jio listed in Mumbai on Saturday in India's biggest IPO, raising $3.2bn and becoming the country's second-largest company. On Friday, US tech stocks fell sharply over AI cost concerns, with the Nasdaq opening at its lowest level in more than two months, while ExxonMobil and Chevron beat third-quarter estimates. Energy firms have reported strong profits this week, with BP, Shell and TotalEnergies citing higher oil and gas prices.

• Jio raised $3.2bn in India's largest IPO, making it the country's second-largest company.
• The Nasdaq opened Friday at a two-month low as Intel kept falling; on Thursday Google's stock hit a six-month low, wiping about $500bn from its value after it said AI search summaries were affecting ad revenue.
• BP's third-quarter underlying profit rose to $8.46bn from $2.2bn a year earlier, and Shell's adjusted profit doubled to $10.8bn, both linked to the Middle East war.
• Christine Lagarde will step down as ECB president in February 2027, and the Bank of Canada raised rates by a quarter point on Wednesday as energy prices pushed up inflation.