New Delhi: 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 climbed 6.15 per cent to Rs 526.50. Intra-day, the stock soared 13 per cent to Rs 560.60.
The company's market valuation jumped Rs 1,548.91 crore to Rs 22,516.66 crore.
In terms of volume, 16.40 lakh shares of the firm were traded on the BSE and 451.97 lakh shares on the NSE during the day.
These restrictions were imposed on March 4, 2024, which prohibited the company from sanctioning, disbursing, or assigning/ securitising/ selling any of its gold loans.
"The Reserve Bank of India (RBI), through its communication dated September 19, 2024, has lifted the restrictions imposed on the gold loan business of IIFL Finance Ltd," IIFL Finance said in a regulatory filing on Thursday.
The RBI's decision is effective immediately and allows the company to resume the sanctioning, disbursal, assignment, securitisation, and sale of gold loans in compliance with all relevant laws and regulations.
"The company is committed to upholding the highest standards of compliance and will continue to ensure that the remedial actions taken are sustained," IIFL Finance said.
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