Zaggle Shares Plunge 5% After Two-Day Gains

SUMMARY

Zaggle shares dropped 4.6% to INR 340 apiece during the intraday trading session on the BSE today (February 21)

Market capitalisation of the company currently stands at INR 4,628.74 Cr

To note, of the past seven trading days, Zaggle has ended three sessions in red

Shares of fintech SaaS major Zaggle dropped 4.6% to INR 340 apiece during the intraday trading session on the BSE today (February 21), after extending its gains for two days.

The stock ended the day’s trading session at INR 345.60 per share on the BSE, a 3% dip from its previous close of INR 356.30 apiece yesterday (February 20).

Market capitalisation of the company stood at INR 4,628.74 Cr as of 12:07 PM, and 12.67 Lakh shares traded hands during the day.

To note, of the past seven trading days, Zaggle has ended three sessions in red.

Earlier this week, the SaaS fintech company partnered with Google via its Indian distributor Redington, to introduce Smart Employee Purchase (EPP+), a programme that boosts business efficiency while providing employees access to premium technology through structured leasing options.

Zaggle has notably been on the spree of forging partnerships with various companies across industries such as Zepto’s parent KiranaKart Technologies Neuroglia Health Private Limited and HT Media Limited, to offer its service offerings, since the start of this year.

On the financial front, the company’s net profit jumped 30% to INR 19.74 Cr in the third quarter of the fiscal year 2024-25 (Q3 FY25) from INR 15.22 Cr in the year-ago quarter. Meanwhile, its operating revenue surged 69% to INR 336.89 Cr in Q3 FY25 from INR 199.51 Cr, a year ago.

Even as Zaggle reported strong third quarter results earlier this month, the stock has lost 24.4% in value, since February 7.

Meanwhile, the stock has gained more than 26% in the past 12 months.

Despite the stock’s uncertain performance on charts, Zaggle’s promoters and promoter group including Godkhindi, cofounder and executive chairman Raj Narayanam, and an entity called Quadigo Ventures LLP increased their stake in the company a week ago, by acquiring 25,000 shares from the open market.

The listed fintech SaaS company also received the board’s approval to acquire an additional 16.67% stake in digital payments service provider Mobileware Technologies Private Limited in a cash deal, earlier this month.