Fino Payments Bank's stock drops 20% on legal issues
Business
Fino Payments Bank's stock dropped 20% on Tuesday. The Telangana High Court dismissed a plea from its MD and CEO, Rishi Gupta, challenging his arrest.
The case involves program managers from multiple banks, but isn't about GST issues.
Because of ongoing proceedings, the bank kept its exchange updates brief.
In the midst of legal challenges, Fino Payments Bank reports
The bank says it's looking at further legal steps while Gupta's bail request is under review in Hyderabad.
Despite the legal turbulence, Fino assures everyone that business is running smoothly and highlights a new milestone: deposits have reached ₹2,900 crore.
The team says they're staying focused on compliance and keeping things steady for customers and partners.