M&M Finance share price falls over 7% as company delays Q4 results
M&M Finance share price: Mahindra Finance shares declined as much as 7.88% to ₹256.85 apiece on the BSE today.
M&M Finance share price: Mahindra & Mahindra Financial Services share price fell more than 7% today (April 23) after the company deferred its scheduled board meeting as it said that a fraud worth ₹150 crore was detected at one of its branches in the North East region. Mahindra Finance shares declined as much as 7.88% to ₹256.85 apiece on the BSE today.
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What we know about fraud in M&M Finance branch?
In a stock exchange filing, the company said its board meeting to consider financial results for the quarter ended March 2024 quarter, scheduled to be held on April 23, has now been deferred.
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“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," it said.
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It added, “In view of this development, the agenda matters pertaining to approval of the audited standalone and consolidated financial results of the Company for the fourth quarter and financial year ended 31st March 2024, recommendation of dividend, AGM and related matters, which were to be considered at the Board meeting scheduled to be held on 23rd April 2024, are being deferred to a later date, which shall be intimated in due course."
