IIFL Finance shares fall 20% post RBI order to stop new gold loans

After RBI asked IIFL Finance to stop sanctioning gold loans on Monday, its shares fell around 20% on Tuesday to hit the lower circuit of ₹478.50. Notably, the RBI said it observed certain material supervisory concerns in the company's gold loan portfolio. "We reaffirm our commitment to rectify observations of the RBI...at the earliest," the firm said.