By Dimpal Gulwani and Siddhi Nayak BENGALURU/MUMBAI (Reuters) -Shares of India's IIFL Finance surged 13% on Friday, after the country's central bank revoked an earlier ban on the non-bank lender's gold loan business.

IIFL Finance Ltd.’s shares surged to their highest in more than six months after India’s central bank lifted restrictions on its gold-backed lending business.Most Read from BloombergAOC Proposes $30 Billion Social Housing AuthorityThe Moonshot Plan to Eliminate Deaths on America’s RoadsCalifornia’s Anti-Speeding Bill Can Be a Traffic Safety BreakthroughNew York City’s Transit System Plans $65.

Shares of IIFL Finance surged over 7 per cent after the Reserve Bank of India lifted restrictions on its gold loan business. The company's market valuation saw a significant increase, and trading volumes were substantial on both BSE and NSE.

IIFL Finance said on Thursday that India's central bank has lifted the restrictions on the company's gold loan business, in what would be the removal of a key overhang on the lender. The Reserve Bank of India (RBI) in March ordered the company to stop offering gold loans,

IIFL Finance Limited shares on Friday (September 20) experiences a sharp increase in its stock price. This surge in stock prices was in response to a major announcement from the Reserve Bank of India (RBI).

Shares in India's IIFL Finance jumped about 13% on Friday, after the country's central bank lifted restrictions on the non-banking financial company's gold loan business, removing a key overhang on its financials and stock.

Shares of IIFL Finance soared 11% on Friday after the Reserve Bank of India reversed the restrictions on the company's gold loan business. What Happened: IIFL Finance in an exchange filing said RBI lifted the restrictions imposed on the gold loan business of the company.