Traders expressed their frustration on Monday as Zerodha, one of India’s largest stock broking platforms, encountered another technical glitch, marking the second incident in just a week.
During this latest outage, traders could not access essential features such as the order book, positions, holdings, and funds page on Zerodha’s trading platform, Kite. The glitch also prevented them from executing orders. Fortunately, the issue was resolved after nearly two hours, with Zerodha allowing affected clients to exit their positions as a precautionary measure, while the rest of the users’ trading activity remained unaffected.
This recent episode comes on the heels of a similar outage related to order placement on the Kite platform a few days prior. Many disgruntled traders turned to social media to vent their frustrations, criticizing the platform for frequent technical disruptions. Some users lamented the financial losses incurred by small retail investors due to these recurring technical issues attributed to the service provider.
Comparisons were drawn to rival platform Groww, which had recently surpassed Zerodha in terms of active clients to become India’s largest stock broking platform. Some users attributed this shift to Zerodha’s technical glitches and recommended introspection by the platform.
Traders also expressed concern about not being able to exit their positions and the uncertainty surrounding the execution status of their orders, resulting in real-time financial losses. They questioned the value of paying brokerage charges and taxes when technical issues persisted.
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Despite these technical challenges, Zerodha reported robust financial performance for the fiscal year 2023, with a significant increase in revenue and net profits. The company saw a 38.5% growth in revenue, reaching Rs 6,875 crore, and a 38.8% rise in net profits, climbing from Rs 2,094 crore in the previous fiscal year to Rs 2,907 crore.
