India's DreamFolks denies reports of banks seeking direct airport lounge partners

Dreamfolks Services

19/06/2025 14:02

Updates with closing level, DreamFolks statement

** Airport services aggregator DreamFolks Services DREM.NS closed 10.28% lower at 236.05 rupees

** Stock's worst day in more than four months

** Economic Times and Press Trust of India reports said major Indian banks Axis Bank AXBK.NS and ICICI Bank ICBK.NS and card network Mastercard MA.N are looking to move away from DREM and establish direct partnerships with airport lounges

** Reports add that others may follow suit

** DreamFolks denies the reports in an exchange filing after markets close, says contract negotiation is part of regular business and relationships with all partners remain intact

** Axis Bank, ICICI Bank and Mastercard did not immediately respond to Reuters' request for comment

** In September, DREM services were temporarily disrupted, impacting thousands of bank and card customers

** DREM shares down 34.6% YTD

 (Reporting by Ananta Agarwal in Bengaluru, editing by Ed Osmond)

 ((Ananta.Agarwal@thomsonreuters.com))