New Delhi, Aug 3 (IANS) Shares of Muthoot Finance plunged more than 14 per cent on Monday after the gold loan financier announced its June quarter (Q1 FY27) results. The stock opened 7.81 per cent lower at Rs 2,876 on the NSE and extended losses during the session, falling as much as 14.38 per cent to Rs 2,671 apiece by around 12:15 p.m.At the last count, the NBFC stock was trading over 8.5 per cent lower, underperforming the broader market.

The decline came despite Muthoot Finance reporting a consolidated net profit of Rs 2,799 crore for the first quarter of FY27, up from Rs 2,016 crore in the corresponding quarter of the previous fiscal.The company's total income rose 34.5 per cent year-on-year to Rs 8,695 crore during the quarter under review, compared with Rs 6,466 crore a year earlier.Apart from its earnings, the company also announced key leadership changes.

Its board recommended the appointment of Alexander George as Managing Director with effect from October 1, subject to shareholders' approval at the upcoming annual general meeting.The board also approved the elevation of K R Bijimon as Chief Executive Officer with effect from October 1.Current Managing Director George Alexander Muthoot will assume the role of Executive Vice Chairman and continue to provide strategic guidance to the company, according to a regulatory filing.

In addition, the board approved an investment of Rs 32 crore in Sri Lanka-based Asia Asset Finance PLC through a rights issue.Muthoot Finance's 52-week low stands at Rs 2,476.60, while its 52-week high is Rs 4,149.50 on the NSE.The stock has declined more than 25 per cent so far this year from levels of around Rs 3,800. Over the past one year, however, it has gained nearly 8 per cent.

/IANS