Mobikwik shares drop 3% amid ₹40-crore fraud prob; details here

Shares of One Mobikwik fell over 3 per cent on Wednesday after the company reported that some merchants in Haryana colluded to claim unauthorised settlements worth ₹40 crore.

The fintech stock fell as much as 3.53 per cent during the day to ₹300.3 per share, the biggest intraday fall since September 9 this year. The stock pared losses to trade 3 per cent lower at ₹301.4 apiece, compared to a 0.34 per cent advance in Nifty 50 as of 10:31 AM.

Shares of the company fell for the second straight session and currently trade at 30 times the average 30-day trading volume, according to Bloomberg. The counter has fallen 48 per cent this year, compared to a 7 per cent advance in the benchmark Nifty 50. One Mobikwik has a total market capitalisation of ₹4,676.71 crore.

One Mobikwik reports fraud incident

One Mobikwik, in an exchange filing, said it has reported a fraud incident in which certain registered merchants and users from limited locations in Haryana colluded to claim unauthorised settlements from the company, with the intent of gaining unfair monetary advantage.

As per preliminary assessment, the incident occurred between September 11 and 12, 2025. The company said none of its employees, key managerial personnel or insiders were also involved. An FIR was lodged for ₹40 crore, of which around ₹14 crore has already been recovered, the company said.

The estimated net impact currently stands at ₹26 crore. Legal enforcement agencies have frozen and lien-marked the bank accounts where the unauthorised settlements were credited, and arrests have been made, the statement said. One Mobikwik added that it is actively pursuing legal action and collection efforts to recover the remaining amount, while police investigations and recovery processes are ongoing.

One Mobikwik Q1 results

Mobikwik reported revenue of ₹271.4 crore in the June quarter, up 1.3 per cent quarter-on-quarter (Q-o-Q) due to soft Payment services revenue performance (up 0.7 per cent Q-o-Q) as GMV growth (up 16 per cent Q-o-Q / 53 per cent Y-o-Y) was offset by a lower take rate. Notably, payment services vertical contributes 79 per cent of consolidated revenue.

Wallet market share improved to 20 per cent from 16 per cent Q-o-Q, while registered users reached 180 million and merchants 4.6 million.

Earlier this month, the stock of the mobile wallet and financial services company came under heavy selling after both stock exchanges placed the stock under the first stage of additional surveillance measures (ASM) for the short term.