India's Mahindra & Mahindra Financial slumps as fraud detected at branch delays board meeting

Mahindra and Mahindra Financial Services

23/04/2024 05:18

(Updates)
    ** Shares of Mahindra and Mahindra Financial Services
 MMFS.NS  down as much as 8.02% at 256.5 rupees in early trade,
last down 4.3% 
    ** Co says it has deferred Q4 financials board meeting as
fraud was detected at one of its branches in northeast India
    ** Adds financial impact isn't expected to exceed 1.50 bln
rupees ($18 mln), and investigation is underway
    ** Stock on track to log steepest intraday decline since
Oct. 30, 2023 
    ** However, analysts' avg rating on stock is "buy", their
median PT is 306 rupees - LSEG
        ** Stock sees busiest day since Jan. 31, volumes at 10.7
mln shares, 3.8x the 30-day avg
  
    ** Including session's losses, stock down ~4% YTD
    

($1 = 83.3420 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))