Daily News Capsule

Shares of Muthoot Finance fell by 6 % after opening deals on Monday as buyers reacted to the sudden death of MG George Muthoot, the chairman of the biggest gold home loan NBFC inside the country.

The Muthoot group chairman passed away on Saturday reportedly after falling from the fourth flooring of his home.

The incident occurred in Delhi’s East of Kailash at around 9 pm on Friday and he was rushed to Fortis Escort Hospital where he was declared dead.

Also, read | Muthoot Finance Q3 net rises 17% year over year on vigorous Gold Loan Portfolio Growth

Muthoot Finance Share Fell by 6 %

• Responding to the news, the share price of Muthoot Finance dropped as much as 6.57 percent in opening deals to hit a low of ₹ 1,205.
• There was a surge in turnover as 0.56 lakh shares changed hands over the counter compared to an average two-week volume of 0.82 lakh shares.
• On the other hand, BSE Sensex traded 499 points or 0.99 percent higher at 50,904.
• On the Nationwide Inventory Alternate, Muthoot Finance shares had been buying and selling at Rs 1,294, down 1.58 percent, after opening sharply decrease at Rs 1,283.

In an exchange filing on March 6, Muthoot Finance stated

• “M G George Muthoot was the Mentor and Visionary leader who played a pivotal leadership role through his long career in building one of the most trusted financial powerhouses in the country.”

• Under his guidance, Muthoot Finance experienced new heights of success and became a market leader in the gold lending industry.
• The company said it was responsible for expanding the Muthoot Group’s reach beyond South India by expanding its branch presence in North, East, and West India and transformed the company into an all-India organization.
• It added that “the sudden and unexpected death of M. G. George Muthoot will be an irreparable loss to the family, friends, organization, employees and all stakeholders.
• To the family of M G George, all directors, as well as employees of the company, convey deep sorrow, sympathy, and condolences.”

Doctor Statment Over Sudden Death of M G George

• Meanwhile, doctors at the All India Institute of Medical Sciences, Delhi, who conducted the postmortem of the Muthoot group chairman, said they are not ruling out any aspect, adding that since it is a case of fall from a height, it is considered “not a natural death.
• The inquiry conducted into the matter and statements were recorded.
• The CCTV cameras were also checked.

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