Fino Payments Bank shares plunge 20% to 1-year low; firm calls probe expansion 'speculative'
Fino Payments recently informed bourses that its deposit balances have grown by nearly 9 per cent over the past two weeks, reaching an all-time high of around Rs 2,900 crore as of March 13, 2026.
- Mar 16, 2026,
- Updated Mar 16, 2026 2:01 PM IST
Shares of Fino Payments Bank Ltd fell sharply in Monday's trade, sliding 19.55 per cent to hit a 52-week low of Rs 136. At last check, the stock was trading 13.90 per cent lower at Rs 145.55. At this level, the stock has declined 32.29 per cent over the past one month.
The sharp fall came after a news report suggested that online gaming transactions involving Fino Payments may face a probe by the Enforcement Directorate (ED). The company later issued a clarification over the report.
On the alleged expansion of probe to PMLA/ED, it stated, "This is non-factual and speculative. As consistently disclosed, the Bank is currently not subject to any investigation by any authority other than the Directorate General of GST Intelligence (DGGI), Hyderabad, in connection with this matter."
Fino Payments added, "As previously disclosed, the ongoing investigation by the DGGI pertains to certain program manager(s) and merchants associated with multiple banks including the Bank and not to the GST compliance of the Bank itself."
It also issued clarification over court proceedings, mentioning that "rejection of bail by the court is completely incorrect reference in the media article."
Over "involvement in gaming or betting activities," the bank reiterated "that it does not directly or indirectly engage in or promote any gaming or betting activities through any platform, website or channel."
Earlier, the senior management of Fino Payments, whose Managing Director and Chief Executive Officer Rishi Gupta was arrested on February 27 under provisions of the Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) Acts, said the bank remains operationally stable and that the issue pertains only to alleged GST evasion by certain programme managers associated with the bank.
The lender mentioned that it has no involvement in the actions of the programme managers and that the issue is unlikely to impact its plans to convert into a small finance bank. Ketan Merchant, Chief Financial Officer, has been appointed as the interim head to oversee day-to-day operations in the absence of Gupta.
The bank had informed that Gupta was arrested under Section 132(1)(a) and 132(1)(i) of the CGST and SGST Act, 2017, on February 27 by the Directorate General of GST Intelligence in Hyderabad.
"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," Merchant said.
Separately, Fino Payments recently informed bourses that its deposit balances have grown by nearly 9 per cent over the past two weeks, reaching an all-time high of around Rs 2,900 crore as of March 13, 2026.
It also reported strong traction in customer additions, opening around 1.5 lakh new banking accounts since February 27, 2026, translating to an average of nearly 10,000 new accounts per day during the period.
Technically, AR Ramachandran, a Sebi-registered research analyst at Tips2trades, said, "Fino Payments' stock is bearish and also oversold on daily charts with next support at Rs 119. Investors should buy only if a daily close is above the resistance of Rs 167 for an upside target price of Rs 193 in the near term."
Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, noted, "Support is seen at Rs 136, while resistance is placed at Rs 154. A decisive move above Rs 154 could push the stock towards Rs 160, with the expected short-term trading range pegged between Rs 136 and Rs 160."
As of December 2025, promoters held a 75 per cent stake in the firm.
Shares of Fino Payments Bank Ltd fell sharply in Monday's trade, sliding 19.55 per cent to hit a 52-week low of Rs 136. At last check, the stock was trading 13.90 per cent lower at Rs 145.55. At this level, the stock has declined 32.29 per cent over the past one month.
The sharp fall came after a news report suggested that online gaming transactions involving Fino Payments may face a probe by the Enforcement Directorate (ED). The company later issued a clarification over the report.
On the alleged expansion of probe to PMLA/ED, it stated, "This is non-factual and speculative. As consistently disclosed, the Bank is currently not subject to any investigation by any authority other than the Directorate General of GST Intelligence (DGGI), Hyderabad, in connection with this matter."
Fino Payments added, "As previously disclosed, the ongoing investigation by the DGGI pertains to certain program manager(s) and merchants associated with multiple banks including the Bank and not to the GST compliance of the Bank itself."
It also issued clarification over court proceedings, mentioning that "rejection of bail by the court is completely incorrect reference in the media article."
Over "involvement in gaming or betting activities," the bank reiterated "that it does not directly or indirectly engage in or promote any gaming or betting activities through any platform, website or channel."
Earlier, the senior management of Fino Payments, whose Managing Director and Chief Executive Officer Rishi Gupta was arrested on February 27 under provisions of the Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) Acts, said the bank remains operationally stable and that the issue pertains only to alleged GST evasion by certain programme managers associated with the bank.
The lender mentioned that it has no involvement in the actions of the programme managers and that the issue is unlikely to impact its plans to convert into a small finance bank. Ketan Merchant, Chief Financial Officer, has been appointed as the interim head to oversee day-to-day operations in the absence of Gupta.
The bank had informed that Gupta was arrested under Section 132(1)(a) and 132(1)(i) of the CGST and SGST Act, 2017, on February 27 by the Directorate General of GST Intelligence in Hyderabad.
"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," Merchant said.
Separately, Fino Payments recently informed bourses that its deposit balances have grown by nearly 9 per cent over the past two weeks, reaching an all-time high of around Rs 2,900 crore as of March 13, 2026.
It also reported strong traction in customer additions, opening around 1.5 lakh new banking accounts since February 27, 2026, translating to an average of nearly 10,000 new accounts per day during the period.
Technically, AR Ramachandran, a Sebi-registered research analyst at Tips2trades, said, "Fino Payments' stock is bearish and also oversold on daily charts with next support at Rs 119. Investors should buy only if a daily close is above the resistance of Rs 167 for an upside target price of Rs 193 in the near term."
Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, noted, "Support is seen at Rs 136, while resistance is placed at Rs 154. A decisive move above Rs 154 could push the stock towards Rs 160, with the expected short-term trading range pegged between Rs 136 and Rs 160."
As of December 2025, promoters held a 75 per cent stake in the firm.