Wage Strike Hit Muthoot Finance; Stock Falls

Muthoot Finance Limited of the Muthoot Group, located in ‘The God’s own Country’, Kerala, has been grappling by employees strike for a week demanding revision of wages.

As per Deccan Chronicle report, about 450 employees belonging to the CITU out of 3000 employees of the company in the state have joined the strike. Consequently, shares of the company are down 2% on Thursday.

Meanwhile, in the backstage of mounting gold prices, Muthoot Finance is reportedly to see probable enhanced asset quality and also register credit traction from existing customers.

The ongoing strike affected the reflectivity of Muthoot Finance Stocks. During mid-market session at 12.10pm, shares of Muthoot Finance Ltd was trading at Rs.611.70 down by Rs11.25 or 1.81% from its previous closing of Rs622.95 on the NSE. In Comparison, meantime the Sensex scaled at 37074.84, down by 377-pts and the Nifty stood at 10935.80, down by 110-pts.

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