** Shares of Magellan Financial Group MFG.AX fall 2.3% to A$7.35

** Stock hits lowest level since November 21, 2023

** MFG's assets under management drops to A$37.5 billion ($23.73 billion) as March 31 from A$38.6 billion in February 28

** Stock up 32.4% this year, as of last close

($1 = 1.5803 Australian dollars)

(Reporting by Sherin Sunny in Bengaluru)

((Sherin.Sunny@thomsonreuters.com))