Why DreamFolks shares fell 11% sharply today? Details here
DreamFolks Services Ltd shares plunged 11% following reports that leading Indian banks and card networks may sever ties with the airport service aggregator. As per Rediff Money reports, ICICI Bank, Axis Bank, and Mastercard are considering direct partnerships with airport lounge operators, potentially bypassing DreamFolks entirely.
This shift could significantly impact DreamFolks' business model, which relies on aggregating travel and lifestyle services, including lounge access, for banks and financial institutions.
The move comes months after a service disruption on September 22, 2023, temporarily halted lounge access for thousands of bank customers. Although the issue was resolved within a day, it reportedly prompted banks and card networks to evaluate more reliable alternatives.
As per reports, more institutions may follow the lead of ICICI and Axis in cutting out intermediaries to ensure smoother customer experiences and better cost efficiencies.
DreamFolks shares witnessed a volatile trading session, opening at ₹261.75 and, at the time of writing, reached a high of ₹267.00 before slipping to a low of ₹232.10. The stock closed significantly lower, reflecting notable market pressure. Over the past 52 weeks, DreamFolks has seen a high of ₹522.15 and a low of ₹209.08.
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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