Fino Payments Bank's shares experienced a notable surge today, reaching the upper circuit limit after closing at the lower circuit yesterday. As of 15:22 PM, the stock was up by 9.99%, trading at ₹122.75 on the BSE, with a market capitalization of approximately $108.8 million (₹1,021.51 crore).
This increase in stock value follows the company's announcement of strong growth in its referral lending business for the ongoing fourth quarter of FY26. Fino reported that its disbursements in this quarter have already reached ₹540 crore, with expectations to close the quarter at ₹630 crore, which is nearly 90% of the ₹700 crore disbursed in the first nine months of the fiscal year.
For the entire fiscal year, Fino anticipates total disbursements close to ₹1,300 crore. The bank noted a rising demand for its referral lending services, particularly in rural and semi-urban areas, aided by its merchant network and partnerships with non-banking financial companies (NBFCs).
The lending portfolio includes secured products such as home loans, gold loans, loans against property, and business loans for merchants. Additionally, Fino recently achieved its highest deposit balance to date, indicating positive business momentum.
This rally comes after a significant decline in the stock's value, which hit an all-time low of ₹110.1 earlier today. The shares fell by 20% yesterday, closing at ₹111.6.
Fino Payments Bank has faced challenges following the arrest of its MD and CEO, Rishi Gupta, by the Directorate General of GST Intelligence (DGGI) over allegations of tax evasion exceeding ₹840 crore linked to online betting platforms. Gupta is accused of being part of a network that funneled funds through shell entities.
Despite these challenges, Fino has stated that its operations remain stable, with customer balances and transaction volumes unaffected. The bank is adding around 10,000 CASA accounts daily and has appointed CFO Ketan Merchant as interim CEO.
Fino is also working to enhance its credit vertical as part of its transition into a small finance bank (SFB). The Reserve Bank of India granted in-principle approval for this transition in December 2025, and the company asserts that the process is progressing as planned.
Financially, Fino has faced pressure, with a 47% year-on-year decline in net profit to ₹12.3 crore for Q3 FY26, alongside a 15% drop in total income to ₹394.4 crore, primarily due to a decrease in its core transaction business.
