on Thursday denied a media report claiming that its Executive Chairman Vellayan Subbiah would exit the company as part of a Murugappa family settlement, calling the speculation “factually incorrect and entirely baseless.”
The company filed a clarification with the and in response to an article published by Moneycontrol today, titled “Vellayan Subbiah to exit Cholamandalam Investment Finance as part of Murugappa family settlement.” The stock exchanges had sought a formal response from the company on the news item.
In a statement issued through the company, the office of Vellayan Subbiah confirmed that he continues to serve as Executive Chairman under a duly approved five-year appointment running from April 1, 2025, to March 31, 2030. The statement also clarified that there has been no change in the management control structure or ownership of the Murugappa Group’s businesses.
The group confirmed that Vellayan Subbiah and M A M Arunachalam continue to oversee , Cholamandalam Investment and Finance Company, , and their respective subsidiaries; an arrangement described as unchanged for several years.
Despite the denial, the stock remained under pressure. Shares of Cholamandalam Investment and Finance traded at ₹1,717.00 on the NSE, down ₹37.50 or 2.14 per cent, touching an intraday low of ₹1,628.00 against a previous close of ₹1,754.50.