Muthoot Finance shares tumble after president’s death

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George Muthoot took office as president in 1993, overseeing its expansion to more than 4,500 branches across the country and increasing its market capital nearly eight-fold over the past decade.



Reuters

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Bangalore

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Posted 09.03.21, 02:19 AM


Shares of Indian non-bank financial firm Muthoot Finance Ltd fell the most in nearly two months on Monday, following the death of MG group chairman George Muthoot over the weekend, with media claiming he fell from his fourth floor house in New Delhi.

On BSE, the stock opened sharply lower at Rs 1,205 and then recovered to an intraday high of Rs 1,271 before closing at Rs 1,259.90, down from Rs 29, 85, or 2.31%, from the previous close of Rs 1,289.75.

The financier, grandson of the founding chairman of the gold finance company, is credited with making the company a pan-Indian name and expanding its presence beyond the southern state of Kerala , where it is based.

George Muthoot took office as president in 1993, overseeing its expansion to more than 4,500 branches across the country and increasing its market capital nearly eightfold over the past decade.

“Under his leadership, Muthoot Finance has seen new heights of growth and become the market leader in the gold lending industry,” the company said in a statement on Saturday.

The company did not mention the cause of his death, but media, citing law enforcement sources, said he fell from the fourth floor of his home in the nation’s capital.

The Indian Institute of Medical Sciences (AIIMS) forensic pathology department has established a commission to investigate the cause of death, Business Today said in a report on Sunday.

Muthoot, AIIMS and Delhi Police did not immediately respond to calls and emails asking for more details.


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