IIFL Share Price | IIFL stock became a rocket, after falling, strong rise, got good news – Hindi News
IIFL Share Price | IIFL Finance shares rose in early trade on Saturday. The company's stock rose more than 11 percent to an intraday high of Rs 560.60 after the Reserve Bank of India lifted the ban on the company's gold loan business. With this, IIFL Finance has been allowed to approve, disburse and sell gold loans again. This decision has come into effect with immediate effect. ( IIFL Finance Limited Company Excerpt )
On March 4, 2024, RBI had imposed several restrictions on IIFL Finance's gold loan business for violating the norms. Due to these restrictions, the company could not do gold loan business. But now the company has got a big relief from this decision of RBI. On Monday (September 23, 2024), the stock was trading at Rs 525 with a decline of 1.15%. In response to the RBI decision, IIFL Finance has reiterated its commitment to maintain the highest compliance standards. The company also said that it will continue to comply with all the rules and will take corrective steps in the future as well. After the ban in March, IIFL Finance's gold loan business saw a major decline. By August 2024, the assets under management of the company's gold loan business had more than halved to Rs. 12,162 crore. The company also faced a financial crisis during the ban. The company's net profit for the June 2024 quarter was Rs. IIFL Finance's net profit declined to Rs 288.06 crore, down 32% from the same quarter a year ago. IIFL Finance shares were trading 10.9 per cent higher at Rs 550 at 9.35 am. Meanwhile, block deals were also seen in the company's shares. 11.3 lakh shares of the company were traded under the deal. The company's shares have fallen by about 8 per cent since the beginning of this year.
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