There are complaints of lack of cash in ATMs in many cities. People are facing huge difficulties. The big question is where did the cash disappear from the ATMs, why are the ATMs lying empty? On investigating the reason, it is found that the condition of AGS Transact Technologies is bad. AGS Transact is a company providing ATM services. AGS Transact is facing financial crisis. Last week, the company and its units defaulted of Rs 39 crores. CRISIL and India Ratings have downgraded the company. All the 4 independent directors of the company have resigned. The employees of AGS Transact have refused to refill cash. According to sources, the employees of the company have taken this decision due to not getting salary for months.
SBI, ICICI Bank ATMs are most affected
This crisis is having the biggest impact on the ATMs of SBI and ICICI Bank. This has affected 14,000 ATMs of SBI and 5000 ATMs of Axis Bank. Now the government is requested to ask RBI and SEBI to look into this matter. The Finance Ministry should also keep an eye on this. It should be monitored whether this can become a systematic issue.
Let us tell you that recently the IPO of AGS Transact came. The price band of the IPO was ₹ 166–₹ 175. This IPO was listed on 31 January 2022. If we look at the movement of the stock, it is seen at Rs 13.91 on NSE with a decline of Rs 0.74 i.e. 5.05 percent. The stock is on a lower circuit of 5 percent. The volume of the stock is 115,956 shares and the market cap is Rs 178 crore. Today this stock opened at Rs 13.91. Whereas, yesterday it closed at Rs 14.65.
