Muthoot Finance shares drop to two-month low after chairperson's death
Shares of Muthoot Finance, a non-banking financial corporation, fell to its lowest in nearly two months on Monday after the death of its chairperson, MG George Muthoot. According to reports, George Muthoot (71) fell from the fourth story of his house in New Delhi on Friday night. Muthoot is credited for making the Kochi-based company into a pan-India name. Here are more details.
Shares had dropped as much as 5.03%
According to Reuters, shares of Muthoot Finance Ltd. fell to a nearly two-month low on Monday. At 12:42 pm local time, the shares were down 2.05% at Rs. 1,263.35. Earlier in the session, the shares had dropped as much as 5.03% in their biggest percentage drop since January 13 this year, according to the report.
Police find no evidence of foul play
Muthoot fell to his death from the fourth story of his East of Kailash home at around 9:20 pm on Friday, according to The News Minute. An official of the Amar Colony Police Station (South East Delhi)—which is investigating the case—told TNM that they found no evidence of foul play. CCTV footage showed that Muthoot went to the terrace around 6:40 pm.
'CCTV couldn't help trace how he fell'
"The CCTV of the apartment didn't cover the wall of the terrace and hence we couldn't trace how he fell. So far, we have neither found any evidence of foul play nor the family has come out with any allegations," the official said.
AIIMS forensic department launches probe
Deputy Commissioner of Police (South East) RP Meena had told The Hindu that they were alerted about Muthoot's admission to a private hospital at 9:21 pm on Friday. He was declared brought dead at the hospital. The forensic department of the All India Institute of Medical Sciences (AIIMS) has reportedly constituted a board to probe the cause of death.
Muthoot now survived by wife, 2 sons
Muthoot had taken charge as the company's chairperson in 1993. He oversaw its expansion into more than 4,500 branches across the country. He is now survived by his wife Sara George and two sons: George M George (the executive director of the group) and Alexander George (the director of the group). One of his sons, Paul Muthoot George, was murdered in 2009.
Muthoot Finance saw new heights under his leadership: Company
In a statement on Saturday, Muthoot Finance said, "Under his stewardship, Muthoot Finance saw new heights of growth and became the market leader in (the) Gold Loan Industry." The company did not mention the cause of death.
