Shares in Muthoot Finance fell after the board decided to defer a stock split.
"The Board, at the meeting held today, discussed in depth the pros and cons of the stock split proposal. Though, the share price movement over the last few months and financial indicators were found to be ideal for a stock split proposal at the current scenario, Board unanimously decided to defer the proposal to sub-divide the equity shares to the Company to a future date. Decision to defer the proposal was taken considering the economic uncertainties that are currently prevailing due to COVID 19 outbreak and related slowdowns being witnessed in the Economy," the company said in an exchange filing.
The stock has had a relentless rally and is very near 52-week highs. The shares were today down 2 per cent at Rs 1,180 on news of deferring the stock split.