Archive · 20 Aug 2026
Ashish Dhawan Bets ₹760 Crore on Two Regulatory Rebounds
Ashish Dhawan is a large investor who increased his holdings in two financial companies.
One is IIFL Finance, which had been stopped from giving gold loans by the Reserve Bank of India.
The ban was lifted, and IIFL’s profits and gold-loan business later grew strongly.
However, its bad loans and debt also increased.
The other company is Religare Enterprises, which owns several financial businesses.
Religare wanted to separate some of those businesses so investors could value them more easily.
The Reserve Bank rejected that plan for now, and Religare still reported a loss overall.
Dhawan appears to believe both companies could become more valuable, but each investment carries significant risks.
Ashish Dhawan increased his stakes in IIFL Finance and Religare Enterprises, whose combined value exceeds ₹760 crore.
IIFL Finance’s gold-loan ban was lifted in September 2024, and its June 2026 net profit rose about 160% year over year to ₹713 crore.
IIFL Finance’s loan book grew 38% to nearly ₹1.16 lakh crore, but bad loans and borrowings also increased.
Religare’s proposed demerger was rejected by the Reserve Bank of India in August 2026, blocking a key potential catalyst.
Religare’s operating businesses remained profitable in the June quarter, but the consolidated company reported a ₹47 crore net loss.
- Who
- Ashish Dhawan, IIFL Finance, Religare Enterprises, and the Reserve Bank of India.
- What
- Dhawan raised his stakes in IIFL Finance and Religare Enterprises despite regulatory setbacks affecting both companies.
- When
- The reported stake changes occurred in the quarter ending June 2026; prices cited in the article are as of 19 August 2026.
- Where
- The companies operate in India’s financial-services sector.
- Why
- The article says regulatory problems may create opportunities when share prices fall below the perceived value of the underlying businesses.
Potential Recovery and Value
Regulatory and Financial Risks
IIFL Finance’s outlook
Potential Recovery and Value
The gold-loan ban was lifted, profits recovered strongly, the loan book expanded, and the stock traded below the article’s cited industry valuation benchmarks.
Regulatory and Financial Risks
Gold loans account for more than half of the loan book, bad-loan ratios increased slightly, borrowings rose about 35%, and further equity funding was flagged.
Religare’s demerger
Potential Recovery and Value
Separating the insurance and other financial-services businesses could allow investors to value the Care Health Insurance business more directly.
Regulatory and Financial Risks
The Reserve Bank of India rejected the scheme, leaving the catalyst blocked without a stated timetable and subject to possible further regulatory refusal.
Dhawan’s buying
Potential Recovery and Value
Increasing both positions suggests Dhawan sees value in businesses that the market may be discounting because of regulatory problems.
Regulatory and Financial Risks
The article cautions that IIFL is still a newer, smaller position and Religare’s valuation, losses, debt, and unresolved regulatory issue make the two bets materially different.
- Investor
- Ashish Dhawan
- Combined disclosed position value
- More than ₹760 crore
- IIFL Finance stake
- Raised from about 1.09% to 1.33%; valued at approximately ₹352 crore
- Religare Enterprises stake
- Raised to about 5.2%; valued at approximately ₹415 crore
- IIFL regulatory action
- The Reserve Bank of India stopped gold-loan disbursements in March 2024; the restriction was lifted in September 2024
- Religare regulatory action
- The Reserve Bank of India rejected the proposed demerger in a letter dated 6 August 2026
- Share prices cited
- IIFL Finance: ₹626 on 19 August 2026; Religare Enterprises: ₹231 on the same date