IIFL Finance Profit Soars, Stock Plummets Amid GST Orders

Shares of IIFL Finance experienced a sharp decline of 17.9% on Thursday, reaching an intraday low of Rs 511.15. This significant drop occurred despite the company reporting an eleven-fold increase in its net profit for the third quarter, reaching Rs 464 crore. The decline was accompanied by substantial trading volumes, with over 1.4 crore shares changing hands on the NSE.

While the precise cause for the stock's fall remains unconfirmed, reports indicate that the company received three orders from the GST department, collectively valued at Rs 13.2 crore. Despite this setback, IIFL Finance's overall quarterly performance was strong, bolstered by considerable growth in Assets Under Management (AUM), with a particular emphasis on its gold loan segment.