IIFL Finance shares in focus today as BSE, NSE revise circuit limit

Shares of IIFL Finance Ltd are in focus today after BSE and NSE revised their circuit limit for IIFL Finance stock to 10 percent from 20 percent. The stock was locked in a lower circuit of 20 percent for two consecutive sessions on March 5, and March 6 after the RBI barred the company from issuing gold loans.

The NBFC stock has shed 37% in three sessions.  It closed 20% lower at a fresh 52-week low of Rs 382.80 on Wednesday even as Fairfax India agreed to infuse $200 million into the company.

In the market preopen session today, IIFL Finance was set to open 10% lower at Rs 344.55 on BSE.

On Wednesday, the market cap  of the bank fell to Rs 14,603 crore on BSE.

Total 4.14 lakh shares changed hands amounting to a turnover of Rs 15.86 crore on BSE.

In terms of technicals, the relative strength index (RSI) of IIFL Finance stands at 19.2, signaling it's trading in the oversold zone. IIFL Finance shares are trading lower than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.

IIFL Finance stock has a one-year beta of 0.5, indicating low volatility during the period. On Monday, Reserve Bank of India (RBI) asked the NBFC to stop sanctioning or disbursing gold loans with immediate effect citing certain material supervisory concerns in the company's gold loan portfolio.

The disclosure to bourses was made after market hours on Monday.