Fino Payments Bank shares crash 19% amid report of possible ED probe; Here's what the co said
Published on 16/03/2026 01:14 PM
Fino Payments Bank shares crash 19% amid report of possible ED probe; Here's what the co saidThe bank clarified that the ongoing investigation by DGGI relates to certain program managers and merchants associated with multiple banks, including Fino Payments Bank, and does not concern the bank’s own GST compliance.By Meghna Sen March 16, 2026, 1:14:29 PM IST (Published)2 Min ReadShares of Fino Payments Bank Ltd. tumbled as much as 19% on Monday to hit a 52-week low of ₹136.35. At this level, the stock has declined nearly 34% over the past one month.
The sharp fall came after a media report suggested that the Directorate General of GST Intelligence (DGGI) may recommend an investigation by the Enforcement Directorate into online gaming transactions linked to the bank.
CNBC-TV18, however, could not independently verify the report at the time of publishing this story.
In response, Fino Payments Bank said it is currently not subject to any investigation by any authority other than the DGGI Hyderabad in connection with the matter.
The bank clarified that the ongoing investigation by DGGI relates to certain program managers and merchants associated with multiple banks, including Fino Payments Bank, and does not concern the bank’s own GST compliance.
It also said that the bank does not directly or indirectly engage in, or promote, any gaming or betting activities through any platform, website, or channel.
Earlier, Rishi Gupta, Managing Director and Chief Executive Officer of Fino Payments Bank, was arrested on February 27 under provisions of the Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) Acts.
Why is the stock reacting sharply? Concerns over SFB conversion
The development has also raised concerns over the bank’s plans to transition into a small finance bank.
Fino Payments Bank had received in-principle approval from the Reserve Bank of India on December 5, 2025, to convert into a small finance bank, becoming the first payments bank to achieve this milestone.
On March 14, the bank reported that deposits had grown 9% over the past two weeks to reach an all-time high of ₹2,900 crore.
Currently, Ketan Merchant, Chief Financial Officer of Fino Payments Bank, has been appointed by the board to head the organisation.Continue ReadingTagsFino Payments Bank