Bank building with a large red downward arrow, signifying a financial plunge.
Shares of Fino Payments Bank experienced a sharp decline, dropping 18.6% to ₹113.6 during intraday trading, following the Telangana High Court’s rejection of MD and CEO Rishi Gupta’s bail petition. Gupta faces allegations in connection with a tax evasion case.
The stock reached a new all-time low of ₹112.1 during intraday trading, extending a decline that began with Gupta’s arrest in late February. Year-to-date, the company’s shares have fallen nearly 56%, reducing Fino’s market capitalization from $240 million to $100 million (₹940.37 Cr).
Gupta’s arrest by the Directorate General of GST Intelligence (DGGI) in Hyderabad is linked to a GST investigation concerning alleged online betting-related tax evasion exceeding ₹840 Cr. The CEO is accused of involvement in a syndicate funneling funds from illegal online gaming platforms through shell entities.
Fino Payments Bank appointed CFO Ketan Merchant as interim CEO. The bank received in-principle approval from the Reserve Bank of India (RBI) in December 2025 to convert into a small finance bank (SFB) and maintains that this transition remains a priority.
In Q3 FY26, Fino reported a 47% year-over-year decline in net profit to ₹12.3 Cr. Total income for the quarter decreased by 15% YoY to ₹394.4 Cr, primarily due to a fall in its traditional transaction business.
About the Author
