Muthoot Finance shares in India tumble after chairman’s death
BENGALURU, March 8 (Reuters) – Shares of Indian non-bank finance company Muthoot Finance Ltd MUTT.NS fell the most in nearly two months on Monday, following the death of MG group chairman George Muhoot over the weekend, with media claiming he fell from his house on the fourth floor of New Delhi.
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 has its seat.
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.
“Under his leadership, Muthoot Finance has experienced new heights of growth and has become the market leader in (the) gold lending industry,” the company said. noted 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 Forensic Pathology Department of the All India Institute of Medical Sciences (AIIMS) has appointed a board to investigate the cause of death, Business Today noted in a Sunday report.
Muthoot, AIIMS and Delhi Police did not immediately respond to calls and emails asking for more details.
As of 05:53 GMT, shares were down 3.7% to 1,242 rupees after falling 5.03% in their largest percentage decline since January 13 earlier in the session.
(Reporting by Rama Venkat in Bengaluru, additional reporting by Gaurav Dogra; Editing by Rashmi Aich)
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