IIFL Finance shares frozen at 10% upper circuit as promoter hikes stake

Nirmal Bhanwarlal Jain bought an additional 454,000 equity shares of IIFL Finance on Wednesday

Shares of IIFL Group companies were in focus at the bourses on Thursday. On an individual basis, shares of IIFL Finance were locked in 10 per cent upper circuit at Rs 82.20 on the BSE after its promoter & director Nirmal Jain increased stake in the company through open market purchases.

On Wednesday, Jain bought an additional 454,000 equity shares of IIFL Finance for Rs 3.40 crore, according to disclosure made by the company to stock exchange. Post transaction, Jain's stake in IIFL Finance increased to 12.61 per cent from 12.49 per cent, it said.

Till 12:03 pm, a combined 1.4 million shares had changed hands on the counter and there were pending buy orders for 407,277 shares on the NSE and BSE.

IIFL Securities zoomed 20 per cent to Rs 45.65 in intra-day trade on the BSE. At 12:20, the stock was trading 17 per cent higher at Rs 44.55 on the back of heavy volumes. A combined around 5 million shares have changed hands on the BSE and NSE so far.

IIFL Wealth Management, too, surged 19 per cent to Rs 1,190 on the BSE. A combined 62,000 shares changed hands on both the exchanges, data shows. In comparison, the S&P BSE Sensex was down 0.25 per cent at 34,782 points.