Mahindra & Mahindra Financial Services witnessed a share price decline of over 7% in early trading on Tuesday following the revelation of a fraud worth Rs 150 crore detected at one of its branches in the North East region. Shares of Mahindra Finance plummeted by as much as 7.88% to Rs 256.85 apiece on the BSE.
In a filing to the stock exchange, Mahindra & Mahindra Financial Services disclosed the deferral of its board meeting scheduled for April 23, which was intended to consider financial results for the quarter ended March 2024. The new meeting date will be announced later.
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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.”
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Despite the deferral, Mahindra & Mahindra Financial Services assured that the Audit Committee and Board Meeting would address all previously scheduled matters, including discussions on an increase in aggregate borrowing limits and fundraising through the issuance of Non-convertible debentures.
Stock Performance in last one year
Mahindra & Mahindra Finance shares have shown mixed returns across various time frames. While the stock witnessed a 3% decline over the past month and a 2.76% drop in the last six months, it has demonstrated resilience with a 4% decline year-to-date, indicating ongoing positive momentum in the current fiscal year. Looking back over the past twelve months, the stock has delivered a 5% positive return.