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RBI Lifts Restrictions on IIFL Finance's Gold Loan Business, Shares Surge Over 13% to Rs 557.15

Sep 20, 2024, 03:49 AM

The Reserve Bank of India (RBI) has lifted the restrictions on IIFL Finance's gold loan business, allowing the company to resume operations including sanctioning, disbursing, assigning, securitizing, and selling gold loans. This decision, effective immediately, was announced by the Indian shadow lender in a filing with exchanges on Thursday. Following the announcement, IIFL Finance's stock surged, with shares rising over 13% and hitting an intraday high of Rs 557.15 per share on Friday. The market responded positively to the news, with significant gains observed in IIFL Finance's stock price, which was up more than 9%. Brokerage firms InCred and Morgan Stanley also noted the lifting of the restrictions.