Fino Payments Bank Shares Drop Amid Reports of Possible ED Probe; Bank Issues Clarification

Shares of Fino Payments Bank fell sharply to a 52-week low amid reports of a potential Enforcement Directorate (ED) probe into online gaming transactions linked to the bank. The bank clarified that the investigation by the Directorate General of GST Intelligence (DGGI) concerns alleged GST evasion by certain programme managers associated with multiple banks and does not involve the bank's core operations. The bank's CEO, Rishi Gupta, was arrested under GST laws, but the bank denies any direct involvement in gaming activities or money laundering allegations.