NSE₹Shares of IIFL Finance Ltd. rallied as much as 15% on Friday (June 7).
This was after the Reserve Bank of India (RBI)-appointed auditor concluded their special audit in the IIFL Finance case.The central bank had appointed Jaipur-based Rajvanshi & Associates to conduct audit into IIFL Finance books, sources told CNBC-TV18.IIFL Finance has not made any new representation to the RBI since conclusion of the audit.The company had notified the exchanges about the audit completion on June 4.“We wish to inform you that the special audit directed by the Reserve Bank of India (RBI) has been concluded,” the company said.
The special audit directed by the central bank commenced on April 23, 2024.The RBI in March this year instructed IIFL Finance to stop disbursing gold loans after it observed some material supervisory concerns in the company's gold loan portfolio, including serious deviations in assaying and certifying purity and net weight of the gold at the time of sanction of loans and at the time of auction upon default.IIFL Finance shares ended 14.20% higher at473 apiece on the NSE.
Despite today's gain, the stock is down 20% so far this year.
NSE
₹
Shares of IIFL Finance Ltd. rallied as much as 15% on Friday (June 7). This was after the Reserve Bank of India (RBI)-appointed auditor concluded their special audit in the IIFL Finance case.The central bank had appointed Jaipur-based Rajvanshi & Associates to conduct audit into IIFL Finance books, sources told CNBC-TV18.IIFL Finance has not made any new representation to the RBI since conclusion of the audit.The company had notified the exchanges about the audit completion on June 4.“We wish to inform you that the special audit directed by the Reserve Bank of India (RBI) has been concluded,” the company said. The special audit directed by the central bank commenced on April 23, 2024.The RBI in March this year instructed IIFL Finance to stop disbursing gold loans after it observed some material supervisory concerns in the company's gold loan portfolio, including serious deviations in assaying and certifying purity and net weight of the gold at the time of sanction of loans and at the time of auction upon default.IIFL Finance shares ended 14.20% higher at473 apiece on the NSE. Despite today's gain, the stock is down 20% so far this year.
