DreamFolks shares fall 5% despite denial of client loss reports
Shares of DreamFolks Services Ltd fell 5% on June 20, despite the company's clarification denying any loss of clients or material impact on its business operations.
The stock drop followed a PTI report on June 19, which claimed that major banks and card networks, including ICICI Bank, Axis Bank, and Mastercard, were considering ending aggregator ties with DreamFolks to establish direct partnerships with airport lounge operators. The report also suggested others might follow the same approach.
In response, DreamFolks swiftly issued a statement via stock exchanges, strongly refuting the claims. The company said, 'Contract negotiation is a part of the regular business process and has no relation to the alleged news.' It added that client relationships remain robust, with more than 50 active clients under five-year Master Service Agreements (MSAs) that include annual price escalations.
DreamFolks emphasized that this structure has been in place since its inception, and there has been no disruption or termination of existing contracts.
Dreamfolks shares opened at ₹230.00 and, at the time of writing, touched a high of ₹235.70 before dipping to a low of ₹220.30 in today's trade. The stock remains under pressure, trading significantly below its 52-week high of ₹522.15.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
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Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at BusinessUpturn.com
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