India's Fino Payments Bank slumps 14% after CEO arrested in tax probe

FINO Payments Bank

02/03/2026 07:17

** Fino Payments Bank FINY.NS falls as much as 14.14% to a record low of 165 rupees, before paring losses to trade 1.34% lower

** Lender says its MD & CEO was arrested in relation to a tax investigation pertaining to program managers who have relationship with multiple banks including Fino

** Clarifies the investigation is not on tax compliance of the bank itself

** Says bank, CEO "have nothing to do with the actions of the programme managers"

** Business ops to continue uninterrupted; no impact on bank's services - co

** Over 3.2 mln shares traded, over 10x the 30-day avg

** Stock down 27.6% YTD

 (Reporting by Aleef Jahan in Bengaluru)

 ((aleefjahan.cs@thomsonreuters.com))