IIFL Finance Shares Fall To Over Five-Month Low After Multiple Large Trades
On the NSE, the stock dropped as much as 7.21% during the day to Rs 552.25 apiece, the lowest since July 14.
Shares of IIFL Finance Ltd. fell over 7% on Friday to the lowest level in over five months after 2.21 crore shares or 5.8% of the company's equity changed hands in multiple large trades, according to Bloomberg data.
The stock fell for the second consecutive session today. It emerged on Thursday that the lender needs to unwind alternative investment funds exposure worth Rs 182.4 crore.
The announcement had come after the RBI directed banks and non-banking financial companies to liquidate their holdings in AIFs, which have downstream investments in debtor companies.
On the NSE, IIFL's stock dropped as much as 7.21% during the day to Rs 552.25 apiece, the lowest since July 14. It was trading 4.60% lower at Rs 567.80 apiece compared to a 0.38% advance in the benchmark Nifty 50 at 10.18 a.m.
The share price has risen 17.91% on a year-to-date basis. The total traded volume so far in the day stood at 403 times its 30-day average. The relative strength index was at 35.03.
Six analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 40.6%.
