Muthoot Finance Price: Muthoot Finance Shares Fall After President Passes By | India Business News
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BENGALURU: Shares of Indian non-bank financial company Muthoot Finance Ltd 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 in 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 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.
At the start of trading, stocks fell 3.7% to Rs 1,242 after falling 5.03% in their largest percentage decline since Jan. 13 earlier in the session.
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 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.
At the start of trading, stocks fell 3.7% to Rs 1,242 after falling 5.03% in their largest percentage decline since Jan. 13 earlier in the session.
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