Dreamfolks Services Ltd. saw its share price settle nearly 4% lower on the bourses, marking a third session of losses on Thursday. The stock tumbled 6% intraday.
This development follows the announcement of the closure of certain programmes for Axis Bank Ltd. and ICICI Bank Ltd., effective July 1, 2025.
Share price of the lounge operator had taken a beating on Wednesday, after some of its programmes with the lender were closed off even as contracts with Axis Bank and ICICI Bank remained valid.
"Activation of new programmes and deactivation of existing programmes is part of our regular business operations. The company is committed to taking requisite actions to mitigate the impact," Dreamfolks stated.
The company is currently evaluating the exact potential impact of these closures. The company's bottomline was under pressure in fiscal 2025 as well, as the net profit declined by 5% to Rs 65 crore. The revenue, however, had increased by 14% to Rs 1,292 crore.
The news of ICICI Bank, Axis Bank and Mastercard looking to move away from the aggregator sent its shares plunging by over 15% in the last month.
It has fallen 44.44% in the year-to-date period, and 54.97% in the last 12 months. The two analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 61%.
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