Brokerage firm Zerodha’s trading app Kite on Monday suffered another technical glitch, marking the fourth straight month the platform has faced such issues.
Several users took to the X platform complaining about the issue and demanding compensation for the “loss”.
“As expected.. These (intentional) glitches will happen again and again to make sure retail investors lose money in their trades. Discount brokers let you save on brokerage while manipulating their platforms from time to time and giving an excuse of a glitch,” a user wrote.
“Yes I too am affected, my 5000 profit became Rs 800 and I had to exit at Rs 880. couldn’t execute other trades, we deserve compensation,” another user said.
One more user posted, “Today’s morning excitement turned sour thanks to a glitch on #Zerodha. Went long, but couldn’t place exit orders due to failed connectivity issues. Had to close hastily to avoid risk. Hits my target of 3705, could’ve cashed in big today”.
After multiple complaints from the Zerodha users, the brokerage firm acknowledged the issue.
At 10:00 a.m., Zerodha in a post said: “Due to a connectivity issue, some of our users were intermittently facing issues with order placement on Kite. This issue is now resolved. We regret the inconvenience caused.”
Zerodha last went down on October 31, November 6 and December 4, with multiple users complaining about the technical glitch related to order placement, with orders not being executed and other problems, such as orders not exiting on its Kite app.
Last week, several users of the online financial services platform Groww experienced an hour-long outage, leaving them unable to login and some even asked for compensation.