Muthoot Finance tumbles after chairman M G George Muthoot passes away

Muthoot Finance fell 3.76% to Rs 1241.25 after the company's chairman and whole-time director, M G George Muthoot, passed away on Friday, 5 March 2021.

The media reported that M G George died on Friday night after he allegedly fell from the fourth floor of his house in southeast Delhi's East of Kailash. George was 72-years-old. He was rushed to Fortis Escort Hospital where he was declared dead during treatment. His postmortem report which was conducted by AIIMS suggests no foul play, reports added.

Under the stewardship of M G George Muthoot, the company saw new heights of growth and became the market leader in gold loan industry. He was responsible for scaling up the Muthoot Group's presence beyond South India by expanding its branch presence across North, East and West India and thereby transforming the company into a pan India organization.

Muthoot Finance is the largest gold financing company in India in terms of loan portfolio. The NBFC 's consolidated net profit jumped 16.90% to Rs 1,006.63 crore on 15.93% increase in total revenue from operations at Rs 3,000.78 crore in Q3 FY21 over Q3 FY20.

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