Murugappa Group stocks jump up to 6% as warring family branches settle feud

Shares of Murugappa Group companies traded with gains on August 21 after the Murugappa family agreed to settle the disputes between the family branch of the late MV Murugappan (including Valli Arunachalam and Vellachi Murugappan), on one side, and the rest of the family members, on the other side, which arose post the demise of late MV Murugappan.

Shares of key stocks of the Group such as Carborundum Universal, Cholamandalam Investment and Finance, EID Parry (India), Tube Investments of India and Shanthi Gears are up up to 6 percent on BSE.

The settlement of the feud removed the overhang on these stocks. Now the management and shareholders can focus on the growth of the Group.

The dispute was over a post of directorship in Ambadi Investments Ltd (AIL), which is the holding company of the Rs 36,893-crore Murugappa Group. Arunachalam, who has been engaged in a long-standing battle for recognition as her father's heir, had reportedly proposed her name for the directorship in a notice back in 2020. The Murugappa family's patriarchal practice of allegedly keeping women out of the group's businesses has hit the headlines yet again.