Zerodha customers faced technical glitches for the second time this month as many users of its trading app Kite reported frozen screens and other issues on Friday.
Users took to the social media platform X to complain that Zerodha’s broking platform was completely frozen, causing them problems for a brief period. However, the company said that the broking platform was functioning again after the outage.
<div class="tweet embed" contenteditable="false" id="1804023438476021937" data-id="1804023438476021937" data-url="https://x.com/zerodhaonline/status/1804023438476021937" data-html="
Hi Amit, we're sorry for the inconvenience. The prices are updating fine now, please check.
— Zerodha (@zerodhaonline) June 21, 2024
” data-type=”tweet” align=”center”>
Hi Amit, we’re sorry for the inconvenience. The prices are updating fine now, please check.
— Zerodha (@zerodhaonline) June 21, 2024
This incident follows another glitch on June 3, when domestic benchmark indices reached record-high levels after exit polls.
Technical issues on June 4 left several Zerodha and Groww customers, who wanted to invest in mutual funds at discounted prices, disappointed as they missed out on the price plunge following the election-fueled market volatility.
Some retail investors wanted to capture the discounted prices and invested in mutual fund schemes. However, several users of Zerodha and Groww claim that orders placed before the 3:00 PM cutoff time for same-day settlements were only fulfilled the next day when prices had already risen.
“We work with multiple payment aggregators, and one of them faced issues on Tuesday. Even after pointing out the problem on time, it could not be fixed. As we work with multiple payment aggregators, only a small percentage of the transactions were affected,” said Neelesh Verma, Product Head and Assistant Vice-President, Coin by Zerodha, in a statement.
This is not the first instance of investors making a notional loss due to technical glitches on brokerage apps. In fact both Zerodha and Groww faced a series of outages in January.
In December 2023, Zerodha released an apology statement after technical glitches prevented users from logging into the Kite web platform.
Edited by Affirunisa Kankudti
