IIFL Shares Jump as India Regulator Lifts Ban on Its Gold Loans
- Stock rises to highest since March in Mumbai trading on Friday
- RBI had imposed restrictions in March on supervisory concerns
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IIFL Finance Ltd.’s shares surged to their highest in more than six months after India’s central bank lifted restrictions on its gold-backed lending business.
The shares rose as much as 13% in Mumbai trading amid highest single-day volumes this year. The ban lift also prompted Jefferies Financial Group Inc. to upgrade the stock to buy from hold on expectations of profit recovery in the coming years.