MobiKwik Shares Extend Losses For 6th Day, Crash To Fresh All-Time Low

Extending its five-day losing streak, MobiKwik’s shares fell 5.5% to INR 277.55 apiece during the early trading on the BSE today (February 28), marking a fresh all-time low.

Even at 11:25 AM, the stock remained 5.4% lower at INR 277.75, compared to its previous close of INR 298.85. 

At this point, the company’s market capitalisation currently stands at INR 2,164.73 Cr, with a trading volume of 21.6 lakh shares.

The stock is down 57.90% from its 52-week high of INR 698.30, recorded on December 26 last year, based on its previous closing price. Over the past five days, it has corrected by 6.8%, while in the last month, it has declined by 35% at the current market price.

MobiKwik’s shares debuted with a strong 59% premium on December 18, 2024, at INR 442.25, reflecting investor confidence as the company achieved its first full-year profitability in FY24 before listing. 

However, the stock has since declined sharply, mirroring the broader correction in Indian markets. With a 54.27% drop year-to-date, it has far surpassed the Sensex which has slumped 6.25% in the same period. 

Its listed fintech counterpart, Paytm, has also corrected by 28.51% YTD, but this decline is nearly half that of MobiKwik.

On the financial front, MobiKwik slipped into the red in Q3 FY25, impacted by lower financial services revenue and higher lending-related costs. The company reported a consolidated net loss of INR 55.28 Cr, compared to a profit of INR 5.27 Cr in the year-ago quarter. Sequentially, its net loss surged multifold from INR 3.59 Cr in the previous quarter.

Despite this, MobiKwik’s operating revenue grew 18% year-on-year to INR 269.47 Cr in Q3 FY25 from INR 228.93 Cr in the same period last year. However, sequentially, revenue declined by 7% from INR 290.64 Cr in the preceding quarter.

Among recent business developments, MobiKwik acquired an additional stake in B2B banking infrastructure company Blostem Fintech Private Limited. Earlier this month, it also received approval from its board to incorporate and invest in one or more wholly-owned subsidiaries as it explores new avenues to expand its business. 

It has already received has already obtained the necessary licence from the Insurance Regulatory and Development Authority of India (IRDAI) to venture into the insurance distributor space. 

Previously, MobikWik cofounders Upasana Taku and Bipin Preet Singh also outlined that the company is eyeing an entry into new fintech verticals this year.