Shares of IIFL Finance on Friday ended over 7 per cent higher after the firm said RBI has lifted the restrictions imposed on its gold loan business.
The stock ended at Rs 530.75, a jump of 7.37 per cent on the BSE. During the day, it surged 13.39 per cent to Rs 560.50.
On the NSE, shares of the firm rose 6.15 per cent to Rs 526.50. Intra-day, the stock surged 13 per cent to Rs 560.60.he market valuation of the company went up by Rs 1,548.91 crore to Rs 22,516.66 crore.
As for the volume, 16.40 lakh shares of the company were traded on the BSE and 451.97 lakh shares on the NSE during the day.
These restrictions were clamped on March 4, 2024, which meant that the company could not sanction, disburse, or assign/ securitise/ sell any of its gold loans.
IIFL Finance Ltd said in a regulatory filing on Thursday that the Reserve Bank of India, through its communication dated September 19, 2024, has withdrawn the prohibition made on the gold loan business of IIFL Finance Ltd. With effect immediately, RBI has permitted the company to once again sanction, disburse, assign, securitize, and sell gold loans strictly in strict conformity with all relevant laws and regulations.
The company remains committed to the highest standards of compliance and will ensure that the remedial actions adopted by it are sustained, IIFL Finance said. PTI SUM SHW.
