Fino Payments Bank Shares Fall After CEO Rishi Gupta Arrest
Fino Payments Bank shares fell on Monday after CEO Rishi Gupta was arrested in a GST probe. The lender stated the case involves its external business partners.
Shares of Fino Payments Bank Limited experienced a sharp decline in India on Monday following the arrest of its Managing Director and Chief Executive Officer, Rishi Gupta. The stock plummeted as much as 14.1% in early trading before recovering slightly to trade 5.2% lower at 182.50 rupees by mid-morning, while the benchmark Nifty 50 index fell 1%.
The lender disclosed that Gupta was detained under the country’s goods and services tax (GST) law. However, the bank clarified that the investigation is centered on business partners and program managers associated with multiple financial institutions, rather than the bank's own GST compliance. In a statement to the exchanges, the bank noted that it and its CEO have no connection to the actions of the program managers involved.
