Groww’s shares remain under pressure for the second straight trading session after hiking STT on F&O derivatives was proposed in the Budget 2026
The stock shares slumped as much as 6.6% during intraday trading on the BSE today to touch a low of INR 157
Groww’s market cap dropped below the INR 1 Lakh Cr mark after shares plunged as much as 14% to hit an intraday low of INR 152.9 on Sunday
Shares of online brokerage platform Groww
remain under pressure for the second straight trading session after the finance minister Nirmala Sitharaman proposed hiking securities transaction tax (STT) on F&O derivatives during her ninth Budget speech yesterday.
The company’s shares slumped as much as 6.6% during intraday trading on the BSE today to touch a low of INR 157. As of now, the stock recovered slightly to INR 159.95, marking a 4.8% decline from last close.
Notably, the company’s market cap dropped below the INR 1 Lakh Cr mark after shares plunged as much as 14% to hit an intraday low of INR 152.9 on Sunday. Groww is set to end its second straight session of loss if current losses hold, breaking the momentum it had gained over the last eight sessions gaining value, until January 30.
In her Union Budget 2026 speech, the FM had proposed raising the STT on Futures to 0.05% from the present 0.02%, while options premium and exercise of options are both proposed to attract an STT of 0.15%, up from the present rate of 0.1% and 0.125% respectively. These changes will be applicable for trades and investments on and after April 1, 2026.
As per brokerage firm JM Financial, the proposed hike would dent F&O momentum for the investment tech industry as a whole. “On the whole, this can adversely hit volumes—we estimate that a 5%/10%/20% hit on volumes would dent Angel One’s FY27E PAT by 6%/11%/22% while for Groww, a 5%/10%/20% hit on volumes could drag its FY27E PAT by 4%/7%/14%,” it said.
The update also drove shares of Groww’s rival Angel One to fall as low as 13% to INR 2,201 apiece yesterday. However, shares of Angel One were trading in the green today, zooming as much as 3.3% during intraday trading to INR 2,388.
While Angel One has been listed on the bourses since 2020, Groww made its public market debut much recently in November 2025. After listing at INR 114 apiece on the BSE, 14% above the issue price of INR 100, the stock has largely maintained a bullish momentum. As per its last closing price, the company’s shares have gained over 47% since listing.
On the financial front, the investment tech major’s consolidated net profit declined 28% YoY to INR 546.9 Cr in Q3 FY26 due to the impact of a one-time long-term incentive provision. Operating revenue, on the other hand, jumped 25% YoY and 18% QoQ to INR 1,216.1 Cr in Q3 FY26.
Following its results, brokerages including Citi initiated coverage on Groww with a target price of INR 195, while Jefferies reiterated its buy rating and revised upwards the target price to INR 195.
