Mahindra & Mahindra Financial Services Q1 2023-24 profit declines 10%, conducts fraud investigation on INR 135.9 crore loans.

Mahindra & Mahindra Financial Services, a non-banking finance company, reported a 10% decline in standalone profit and tax to INR 619 crore for Q1 of 2023-24, with a 10% drop in Q4 net profit compared to the previous year. The firm conducted a fact-finding investigation on potentially fraudulent loans worth INR 135.9 crore and found 2,887 suspicious loan accounts at its Aizawl branch.

May 05, 2024
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