Despite today's fall, IIFL Finance shares remain 8.7 per cent higher on a year-to-date (YTD) basis and 47 per cent for the last one year.
Gold-backed loans expanded rapidly in recent years, benefiting from tighter industry underwriting standards for unsecured loans, said Fitch Ratings.
Stocks to watch today: Paytm, Jio Financial Services, SpiceJet, Swiggy, Netweb, Lenskart Technologies, Greaves Cotton, Airtel, Tata Power, among others, will be in focus today.
G Chokkalingam, founder and head of research at Equinomics Research expects markets to reward stocks of companies where there is valuation comfort, earnings visibility rather than a broad-based rally.
IIFL Finance raised $500 million through its first social bond, attracting strong global investor demand to support financial inclusion lending
Lender says it has strong legal grounds to contest the tax demand as investors cheer the end of a key regulatory overhang on the stock