Shares of Muthoot Finance witnessed a downfall after the death of MG George

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Bengaluru, 8/3: After the demise of its chairman MG George, shares of non-banking financial firm Muthoot Finance Ltd witnessed a downfall on Monday. He fell from his fourth-floor house in New Delhi.

MG George is credited for taking the company beyond Kerala and making it pan-India. George Muthoot took charge as chairman in 1993, overseeing its expansion into more than 4,500 branches across the country and growing it’s 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.

At 0553 GMT, shares were down 3.7% at 1,242 rupees after falling as much as 5.03% in their biggest percentage drop since January.

 

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