MobiKwik Shares Drop 4% To Touch Fresh All-Time Low

SUMMARY

As of 01:16 PM, the stock recouped some losses to trade 1.6% lower at INR 321.50 per share, on the BSE, compared to its previous close of INR 326.65 apiece on Friday

Since its listing on the BSE, the company’s shares are now trading almost 29% lower in the exchange today

The market capitalisation of the company currently stands at INR 2,497.61 Cr

Shares of fintech major MobiKwik fell 3.8% to hit fresh all-time low at INR 314 apiece during the intraday trading session on the BSE today (February 17).

As of 01:16 PM, the stock recouped some losses to trade 1.6% lower at INR 321.50 per share, on the BSE, compared to its previous close of INR 326.65 apiece on Friday (February 14).

The market capitalisation of the company currently stands at INR 2,497.61 Cr.

To note, MobiKwik was the last of the 13 companies to get listed in the exchanges in 2024.

MobiKwik made its market debut on December 18, with the stock listing at INR 442.25 on the BSE, a 58.5% premium against the IPO issue price of INR 279. Furthermore, on the NSE, its shares were listed at INR 440 apiece, a 57.7% premium against the issue price.

Since its listing on the BSE, the company’s shares are now trading almost 29% lower in the exchange today.

Meanwhile, the stock has lost 46% in value since January 1.

Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik is a digital banking platform that offers a suite of financial products for both consumers and merchants. It generates revenue by providing consumer payments, buy now pay later (BNPL), and payment gateway services.

The fintech company reported a consolidated net loss of INR 55.28 Cr in Q3 FY25 against a profit of INR 5.27 Cr in the year-ago quarter. Despite weaker bottomline performance, its operating revenue shot up nearly 18% to INR 269.47 Cr in the December quarter of FY25 from INR 228.93 Cr a year ago.

Earlier this month, MobiKwik received the board’s approval to incorporate and invest in one or more wholly-owned subsidiaries as it explores new avenues to expand its business. However, it did not disclose the fine print of its expansion plans.

It is to note, that the company became the first fintech firm to roll out a full-scale Central Bank Digital Currency (CBDC) wallet and e-rupee (e₹), in January. In a statement, the company then said that the e-rupee wallet enables users to transfer funds to other e-rupee wallets and regular bank accounts through UPI.