Mahindra Finance
Mahindra Financial Services saw its stock price tumble by over 7% in early trading on Tuesday and bounce back to 5% negative following the revelation of a Rs 150 crore fraud detected at one of its branches in the North East region. Shares of Mahindra Finance plunged by as much as 7.88% to Rs 256.85 each on the BSE.
In a filing to the stock exchange, Mahindra & Mahindra Financial Services announced the postponement of its board meeting scheduled for April 23, which was slated to review financial results for the quarter ended March 2024. The rescheduled meeting date will be announced subsequently.
Regulatory filing on Tuesday said, “A fraud was detected at one of the company’s branches in the North East. 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.”
