Shares of Muthoot Finance fall after chairman's death

Updated : March 08, 2021 03:45 PM IST

Muthoot Finance fell the most in nearly two months on Monday, after group chairman M.G. George Muthoot died over the weekend,

The stock ended over 2 percent lower for the day.

George Muthoot took charge as chairman in 1993, overseeing its expansion into more than 4,500 branches.

Shares of Indian non-banking financial firm Muthoot Finance fell the most in nearly two months on Monday, after group chairman M.G. George Muthoot died over the weekend, with media reports saying he fell from his fourth-floor house in New Delhi.

The financier, the grandson of the gold financing company’s founding chairman, is credited with growing the company into a pan-India name and scaling its presence beyond the southern state of Kerala, where it is headquartered.

George Muthoot took charge as chairman in 1993, overseeing its expansion into more than 4,500 branches across the country and growing its market capital nearly eight folds in the past decade.

“Under his stewardship, Muthoot Finance saw new heights of growth and became the market leader in (the) Gold Loan Industry,” the company said in a statement on Saturday.

The company did not mention the cause of his death but media reports, citing police sources, said he fell from the fourth floor of his house in the national capital.

The forensic department of the All India Institute of Medical Sciences (AIIMS) has constituted a board to probe 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.

The stock ended over 2 percent lower for the day.

Published : March 08, 2021 03:45 PM IST

Shares of Muthoot Finance fall after chairman's death

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