New Delhi: Shares of Mahindra & Mahindra Financial Services tanked 5.50 per cent after the company deferred its board meeting, scheduled for Tuesday, saying it had detected fraud at one of its branches in the northeast.
The stock of the NBFC firm declined 5.47 per cent to Rs 263.60 on the BSE. During the day, it tumbled 7.88 per cent to Rs 256.85. At the NSE, it went lower by 5.52 per cent to Rs 263.45. The company’s market valuation declined by Rs 1,884.18 crore to Rs 32,568.57 crore.
In a filing to the BSE on Tuesday, the company said we hereby inform you that during the end of the 4th quarter of the financial year ended March 31, 2024, a fraud was detected at one of the company’s branches in the northeast. “In respect of retail vehicle loans disbursed by the company, the fraud involved forgery of KYC documents, leading to embezzlement of company funds. The investigations in the matter are at an advanced stage.
