Bajaj Finance Ltd. offloaded a stake in Dreamfolks Services Ltd. on Friday through open market transactions.
Bajaj Finance sold 3.09 lakh shares, representing a 0.58% stake in the company, at Rs 51.42 apiece, according to data on BSE.
Axis Bank Ltd. and ICICI Bank Ltd. closed certain programmes with the company. from July 1.
“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 bottom line 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.
DreamFolks came under flak in September last year, after disruption in its services affected access to 49 lounges at 34 airports across the country.
Such was the extent of the trouble that Travel Food and Services, a food and beverage master franchisee that manages the airport lounge in Kolkata and Chennai, had reportedly threatened legal action against DreamFolks.
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