MobiKwik Shares Nosedive 7% Amid Broader Market Decline

Shares of recently listed fintech major MobiKwik ended their two-day winning streak to close today’s trading session (January 9) 6.84% lower at INR 573 apiece on the BSE amid a decline in the broader market.

Amid a decline in its share price, the market capitalisation of MobiKwik tumbled to INR 4,451.43 Cr, or roughly $518 Mn.

Today, BSE Sensex was down 0.68% at 77,620.21 points from its previous closing. While Nifty 50 stocks tumbled 0.69% at 23,526.50 points from its previous day closing.

This comes after the Delhi NCR-based company posted a net loss of INR 3.59 Cr in the September quarter of the financial year 2024-25 (Q2 FY25) against a net profit of INR 5.22 Cr in the year-ago quarter.

Sequentially, the company was able to trim its loss by about 45% from INR 6.62 Cr.

It must be noted that MobiKwik, in December, became the second fintech company to go public in India after Paytm, which made its Dalal Street debut in 2021.

MobiKwik’s shares listed at INR 442.25 on the BSE, a 58.5% premium against the IPO issue price of INR 279. The stock has given an upward run of over 105% since its public listing.

On a brighter side, the company continued to maintain profitability at an EBITDA level. Its EBITDA level stood at INR 6.80 Cr in Q2 FY25, down 37% from INR 10.8 Cr in the year-ago quarter and the company claimed to have maintained an EBITDA margin of 2.3%.

Interestingly, Mobikwik saw a larger chunk of its revenue coming from its payments business of INR 187.7 Cr, seeing an uptick of 65% from INR 66.7 Cr in the same quarter last year. On the other hand, revenue from its financial services offerings dipped 25% to INR 102.9 Cr from INR 136.7 Cr in the year-ago quarter.

MobiKwik was not the only stock that slipped into red on the bourses today (January 9) among the new-age stocks under Inc42’s coverage. 20 out of 32 new-age stocks bleeded at the bourses on January 9 which includes Paytm, MapMyIndia, Zomato, ixigo and more.