Shares of India’s top gold financing company Muthoot Finance dropped to its lowest in nearly two months on Monday after the death of its chairperson, Reuters reported. The police said MG George Muthoot died on Friday night after he fell from his fourth floor residence in South East Delhi’s Amar Colony area, according to The Hindu.
At 12.42 pm, shares were down 2.05% at Rs 1,263.35. Earlier in the session, it dropped as much as 5.03% in their biggest percentage drop since January 13.
Muthoot Finance is one of the largest gold loan non-banking financial company in India. The 71-year-old is credited for making the company, which has its headquarters in Kochi, into a pan-India name. He was the third generation from his family to take charge as chairperson in 1993. The company’s market capital has grown nearly eight folds in the past decade, according to Reuters.
Deputy Commissioner of Police (South East) RP Meena had said that they received information about George Muthoot’s admission to a private hospital at 9.21 pm on Friday. But, he was declared brought dead, the police said.
Meanwhile, Muthoot Finance did not mention the cause of his death in its statement. It said, “Under his stewardship, Muthoot Finance saw new heights of growth and became the market leader in [the] Gold Loan Industry.”
An unidentified officer told The Hindu that no foul play was suspected in the case, adding that his postmortem examination was conducted at the All India Institute of Medical Sciences.