Fino Payments Bank shares in focus after Telangana HC dismisses CEO Rishi Gupta’s plea

Fino Payments Bank Ltd shares are likely to continue in focus on Wednesday after the bank informed exchanges that the Telangana High Court has dismissed a writ petition filed by their managing director and CEO, Rishi Gupta, challenging his arrest. 

Fino Payments Bank's stock in the previous session on Tuesday closed 20% lower to close at a 52-week low of Rs 111.60 apiece on the BSE against its previous close of Rs 139.50 per share.

In a regulatory filing post-market hours on March 24, the bank noted that appropriate legal recourses will be taken in this regard. While a separate bail application for Gupta has been filed before the Special Judge for Economic Offences in Nampally, Hyderabad. 

“As previously stated, the ongoing investigation concerns certain program managers associated with multiple banks, including the bank, and does not relate to the bank’s GST compliance,” the bank said.

Earlier, on February 27, the bank disclosed that Gupta was arrested early that morning under provisions of the CGST and SGST Act, 2017. 

Meanwhile, the Reserve Bank of India (RBI) approved the appointment of the bank's chief financial officer, Ketan Merchant, as the interim CEO for a period of three months. 

Earlier, on March 14, 2026, the bank said it had achieved its highest ever total deposit balance of Rs 2,900 crore. The lender also revealed that 1.5 lakh new banking accounts had been opened since the date of Gupta's arrest, averaging nearly 10,000 new accounts per day.