Muthoot Microfin's Thomas Muthoot Steps Down As Managing Director

The non-bank lender has made certain management changes. John is the nephew of Thomas Muthoot and Thomas George Muthoot. He is also the son of Thomas John Muthoot, who was ex-director of the company.

Thomas Muthoot, who has stepped down from the position of MD, is one of the promoter directors of the company. He is on the board of directors of several companies, including Muthoot Capital Services Ltd., Muthoot Fincorp Ltd., Muthoot Housing Finance Co. and Muthoot Hotels Pvt. He has over 38 years of experience in the field of financial services.

"This decision is solely based on my inability to commit the necessary time and dedication required for this role," Thomas John Muthoot said in his letter of resignation. "I want to express my deepest gratitude for the trust, support, and opportunities you have provided me during my tenure as a non-executive director."

Muthoot Microfin is the microfinance arm of Muthoot Pappachan Group and is focused on providing micro-loans to women entrepreneurs with a focus on the rural regions of India.

Shares of Muthoot Microfin closed 0.65% lower at Rs 185.52 apiece on the National Stock Exchange, compared to a 1.02% decline in the benchmark Nifty.