India's Fino Payments falls amid complaints over fake schemes

FINO Payments Bank

21/09/2023 05:06

** Shares of digital financial services provider Fino
Payments  FINY.NS  fall as much as 7.5% to 305.5 rupees, their
lowest since July 23
    ** Stock logs steepest intraday pct decline since Nov 15,
2022
    ** Fino Payments on Wednesday said it received complaints
from clients regarding potentially fake schemes allegedly
floated by co's employees
    ** Co adds independent investigation conducted by KPMG
indicates that there were unauthorized actions and
misrepresentation by the alleged staffs
    ** Says there is no liability or impact on it and co has
neither benefitted nor at loss due to these incidents
    ** Over 121,000 shares change hands, 0.7x the 30-day moving
average
    ** Stock gains 23.6%, YTD 
    
    

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))