IIFL Share Price
IIFL Share Price : Shares of IIFL Finance fell 20 percent on Tuesday after the Reserve Bank of India imposed sanctions and further restrictions on gold loan disbursements.
Following the development, the share price fell 20 per cent to a low of Rs 478.50 on the BSE.
This is the company’s biggest single-day decline since its demerger in 2019. In May 2019, IIFL separated IIFL Wealth Management and IIFL Securities from IIFL Finance, creating three separate entities.
IIFL Share Price : In a conference call with analysts this morning, IIFL Financial Management said that the number of customer complaints received by the Reserve Bank of India regarding gold loans was very low. He added: Today I personally requested a meeting with the Central Bank.
According to management, the company has received the concerns raised by the Reserve Bank of India in January and is taking corrective action.
However, the management clarified that this does not affect the company’s buyout process, and there is no ban on buying out at gold auctions. The RNBI report has no administrative or KYC issues.
IIFL Share Price : According to Motilal Oswal Securities, this dealt a major negative blow to IIFL as gold loans accounted for 32 per cent of the AUM structure and most of the syndicated loans issued by NBFCs were in the gold loan segment.
IIFL Share Price : “Since these are process-related deficiencies, the company is correcting its comments on the gold loan portfolio in cooperation with the regulator. It is difficult to assess the impact of the ban on IIFL’s AUM growth and profitability as there is no clarity on the duration of the ban. IIFL Management Conference March 5 We may revise our estimates after the bell,” Motilal Oswal Securities said.
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