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Fino Payments Bank Shares Fall To 52-Week Low Amid Probe Reports; Lender Issues Clarification
Fino Payments Bank Shares Fall To 52-Week Low Amid Probe Reports; Lender Issues Clarification
Fino Payments Bank clarifies the ongoing probe relates only to certain programme managers and merchants associated with multiple banks.
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Shares of Fino Payments Bank Ltd fell sharply in early trade on Monday, hitting a 52-week low amid reports that certain online gaming transactions linked to the bank may come under scrutiny by the Enforcement Directorate.
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The stock declined 15.59% to Rs 142.70, its lowest level in a year. At last check, it was trading 12.90% lower at Rs 147.25. With the latest fall, the stock has slumped about 31.5% over the past one month.
Following the developments, the bank issued a clarification stating that the matter relates to alleged GST evasion by certain programme managers associated with the bank and does not involve the bank’s core operations.
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The sharp decline followed a media report suggesting that online gaming-related transactions involving Fino Payments Bank could face a probe by the Enforcement Directorate. However, the report has not been independently verified.
The development comes after the bank recently disclosed that its Managing Director and Chief Executive Officer Rishi Gupta was arrested on February 27 under provisions of the Central Goods and Services Tax Act, 2017 and State Goods and Services Tax Act, 2017 by the Directorate General of GST Intelligence in Hyderabad.
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Following the developments, the bank issued a clarification stating that the matter relates to alleged GST evasion by certain programme managers associated with the bank and does not involve the bank’s core operations.
“The bank and Mr Gupta in his official capacity have no role in the business operations of the programme managers in question. Fino Payment Bank remains compliant with all GST regulations and other applicable laws and regulatory requirements,” said Ketan Merchant.
Merchant has been appointed interim head to oversee day-to-day operations in the absence of Gupta.
The bank also said the issue is unlikely to impact its plans to convert into a small finance bank.
Fino Payments Bank in a BSE filing on Monday also said it is not under investigation by the Enforcement Directorate and that the ongoing probe relates only to certain programme managers and merchants associated with multiple banks. In a clarification to exchanges, the lender said the Directorate General of GST Intelligence (DGGI), Hyderabad, is the only authority currently investigating the matter, adding that media reports suggesting a probe under the Prevention of Money Laundering Act (PMLA) are “non-factual and speculative”.
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The bank also said references in media reports to rejection of bail by a court are incorrect, and reiterated that it does not directly or indirectly engage in or promote any gaming or betting activities through any platform, website or channel.
Despite the regulatory developments, the lender said its business operations remain stable.
According to the bank, deposit balances have increased by nearly 9% over the past two weeks, reaching an all-time high of around Rs 2,900 crore as of March 13, 2026.
The bank also reported strong customer traction, adding around 1.5 lakh new banking accounts since February 27, translating to nearly 10,000 new accounts per day.
As of December 2025, promoters held a 75% stake in Fino Payments Bank.
Source :news18.com
Source: OfficeNewz
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