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Fino Payments Bank Stock Hits 52-Week Low Amid Probe Reports; Bank Clarifies Situation
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Fino Payments Bank Shares Plunge on Probe Reports; Bank Issues Clarification
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News18
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16-03-2026, 13:05
Fino Payments Bank Shares Plunge on Probe Reports; Bank Issues Clarification
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Fino Payments Bank shares fell to a 52-week low (15.59% decline) amid reports of a potential ED probe into online gaming transactions.
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The bank clarified that the issue involves alleged GST evasion by certain 'programme managers' and does not relate to its core operations.
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MD & CEO Rishi Gupta was arrested on February 27 by DGGI Hyderabad under GST Act provisions; Ketan Merchant appointed interim head.
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Fino Payments Bank denies direct involvement in gaming/betting activities and calls ED probe reports 'non-factual and speculative'.
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Despite regulatory developments, deposits rose 9% to Rs 2,900 crore, and 1.5 lakh new accounts were added since February 27.
Read Full Article on News18 in English
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