However, a person familiar with the central bank's thinking said the loan-to-value ratio had not been increased. "It (LTV) wasn't changed," the person said.
Last month, the Reserve Bank of India had tightened rules for gold non-banking finance companies, and had kept the loan-to-value ratio at 60 percent.
Shares of Manappuram Finance Ltd and Muthoot Finance Ltd were up 5 percent and hit the day's upper trading limit.
Officials at the two companies declined to comment.