Fino Payments Bank Shares Plummet 16% Amid Clarification on Enforcement Directorate Probe

Fino Payments Bank Stock Falls 16% to 52-Week Low

On March 16, Fino Payments Bank shares plummeted by 16% to hit a 52-week low, amid reports that certain online gaming transactions linked to the bank may be scrutinized by the Enforcement Directorate.

Background

The development comes on the heels of the bank's Managing Director and Chief Executive Officer, Rishi Gupta, being 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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Share Price and Trading

The stock was trading in deep red during afternoon trade on March 16, despite the lender issuing a clarification stating that it is "not subject to any investigation by any authority other than DGGI (Hyderabad)" and that the ongoing investigation by DGGI is focused on certain program managers and merchants.

Bank's Clarification

In a stock exchange filing, the bank clarified that it does not directly or indirectly engage in or promote any gaming or betting activities through any platform, website, or channel. The lender also stated that certain program managers and merchants are associated with multiple banks, including the bank.

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Recent Developments

On March 14, the bank reported that its deposit balances have increased by nearly 9% over the past two weeks, reaching an all-time high of around ₹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.

Promoter Stake

As of December 2025, promoters held a 75% stake in Fino Payments Bank.