India's IIFL Finance gains after completing RBI required audit

IIFL Finance

18/06/2024 06:48

** Shares of India's IIFL Finance  IIFL.NS  rise as much as
8% to highest since March 4
    ** Co said over the weekend it has completed special audit
required by the Reserve Bank of India, expecting "positive
action" soon
    ** Co had reported a Y/Y fall in Q4 profit, mainly impacted
after RBI barred it from offering gold loans 
    ** Stk is still down ~14% from March 4, when RBI action came
in
    ** IIFL down 14% YTD, worst performer among gold loan
financers; Rivals Muthoot Finance  MUTT.NS , Manappuram Finance
 MNFL.NS  up ~19% and 10%, respectively



 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))