Shares of IIFL Finance gained over three percent today even as the NBFC said it has delayed its board meeting for Q4 and FY24 earnings. The meeting will now extend beyond May 30. The NBFC cited the extension due to the engagement of its internal teams in the Special Audit of the company being initiated by the Reserve Bank of India (RBI) following an Order by the banking regulator dated March 4, 2024.
It said the earnings will be released by June 30.
“We anticipate releasing the results no later than June 30, 2024. Additionally, as per our Company’s Code of Conduct for the prevention of Insider Trading, the trading window will remain closed for designated persons (including directors and their immediate relatives) until 48 hours after the public release of the aforementioned financial results,” said IIFL Finance.
RBI took supervisory action over concerns around certain loan disbursement practices in IIFL Finance. The finance and investment services company said it was extending full cooperation to the special audit team.
The special audit, which was directed by banking regulator at IIFL Finance, was initiated on April 23.
The disbursement of fresh gold loans was suspended till 'satisfactory completion' of the audit, IIFL Finance said.
Shares of IIFL Finance gained 3.43% to Rs 412.50 against the previous close of Rs 398.40 on BSE. The stock opened higher at Rs 400 on BSE.
The stock has lost 30 per cent in 2024. Total 0.98 lakh shares changed hands amounting to a turnover of Rs 3.97 crore on BSE on Tuesday. The market cap of the firm rose to Rs 17,297 crore.
In terms of technicals, the relative strength index (RSI) of IIFL Finance stands at 49.7, signaling it's trading in the neither in the oversold nor in the overbought zone. IIFL Finance shares are trading higher than the 5 day, 10 day, 50 day but lower than the 100 day 150 day and 200 day moving averages.
IIFL Finance stock has a one-year beta of 0.8, indicating low volatility during the period.
IIFL Finance is among the leading retail-focused diversified NBFCs in India, engaged in the business of loans and mortgages along with its subsidiaries - IIFL Home Finance and IIFL Samasta Finance.