Pine Labs shares fall 11%, most since listing after equity worth ₹17,000 crore freed up

Nearly 80% of Pine Labs' outstanding equity became eligible for trade after the lock-in expiry. Based on Tuesday's closing price, the unlocked shares are valued at nearly ₹17,346 crore.

By Meghna Sen

Shares of Pine Labs Ltd. declined as much as 11% on Wednesday, May 13, after nearly 92.4 crore shares became eligible for trading following the end of the six-month shareholder lock-in period.

According to Nuvama Alternative and Quantitative Research, nearly 80% of Pine Labs' outstanding equity became eligible for trade after the lock-in expiry. Based on Tuesday's closing price, the unlocked shares are valued at nearly ₹17,346 crore.

However, the expiry of the lock-in period does not necessarily mean all eligible shares will be sold in the market immediately. It only allows shareholders to trade those shares if they choose to do so.

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Pine Labs is scheduled to announce its January-March quarter (Q4FY26) earnings on May 25.

In the December quarter, the company reported a net profit of ₹42 crore, compared to a net loss of ₹58 crore in the corresponding quarter last year.

Operating revenue for Q3 FY26 rose 23% year-on-year to ₹744 crore from ₹601 crore a year earlier, while expenses increased at a slower pace of 13% to ₹704 crore from ₹622 crore.

The digital payments platform had made its stock market debut in November last year, listing at a premium of nearly 9.5% over its IPO price at ₹242 per share on the NSE. Its ₹3,900 crore IPO was subscribed around 2.5 times.

The stock is currently trading nearly 15% below its issue price of ₹221 apiece.

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