MobiKwik glitch: Stock rises 32% in past month
MobiKwik landed in the spotlight last week after a tech glitch on September 11 and 12 led to some failed transactions being marked as successful, causing unauthorized payouts.
Even with this hiccup, MobiKwik's stock actually climbed to ₹300.70 on Thursday—up 32% over the past month.
Glitch fixed within 45 minutes
The company fixed the issue within 45 minutes and reassured users that UPI, wallet balances, and data were safe.
They also took legal steps—multiple arrests were made and over 2,000 merchant accounts got frozen.
On the money side: MobiKwik posted a bigger loss of ₹41.9 crore for the June quarter compared to last year, but losses shrank from the previous quarter.
Despite these bumps, investor confidence is holding up with the sole analyst still recommending a 'Buy' on their shares.