News · Financial Services

Fino Payments Bank stock plunges after CEO arrest

By Startup Enthusiast · 28 March 2026

What they do

Fino Payments Bank is a digital bank offering savings accounts, payments, and remittance services

CEO Rishi Gupta was arrested in a ₹840 Cr GST evasion case linked to illegal betting platforms; stock fell 40%

The bank deferred Gupta's reappointment and appointed CFO Ketan Merchant as interim CEO

Fino Payments Bank's stock fell 15.81% to ₹127, making it the biggest weekly loser among 55 new-age tech stocks.
The stock has fallen about 40% since CEO Rishi Gupta was arrested.
Gupta was arrested by the DGGI (Directorate General of GST Intelligence) in an ₹840 Cr GST evasion case linked to illegal online betting platforms.
The Telangana High Court dismissed Gupta's bail writ, but a special court in Hyderabad later granted him bail.
Fino deferred shareholders' approval for Gupta's reappointment as MD and CEO for a three-year term from May 2026.
CFO Ketan Merchant was appointed as interim CEO after Gupta's arrest.
Eleven new-age tech stocks touched fresh lows, including Fino Payments Bank.

The arrest of a CEO for GST evasion is a severe corporate governance event that erodes investor confidence.
Fino's stock decline reflects market panic over leadership uncertainty and potential regulatory penalties.
The case involves illegal online betting platforms, adding reputational risk to the bank.

Fino Payments Bank is a digital bank that provides savings accounts, payments, and remittance services.
It operates through a network of banking correspondents and digital channels across India.
The bank focuses on financial inclusion, serving underbanked and unbanked populations.
It generates revenue from transaction fees, interest income, and fee-based services.