Dreamfolks Services shares fall nearly 5% on closing programs for Axis Bank, ICICI Bank

Shares of airport lounge service provider Dreamfolks Services fell as much as 4.78% to hit an intraday low of ₹225 on the BSE a day after the company informed exchanges that it has closed certain programs for its clients ICICI Bank and Axis Bank. On the National Stock Exchange, Dreamfolks Services shares dropped as much as 4.79%.

The Gurugram-based company on Tuesday informed exchanges that it has closed certain programs for Axis Bank and ICICI Bank with effect from July 1. The company however mentioned that their contracts with Axis Bank and ICICI Bank are still valid.

"This is to inform that the Company runs various programs for Axis Bank and ICICI Bank. Certain programs of the abovementioned clients have been closed w.e.f. July 01, 2025. However, we would like to also apprise that our contracts with above clients are still valid," Dreamfolks Services said in a regulatory filing.

The company said that the company is evaluating potential impact of the development but said that it is likely to have a material impact.

"Activation of new programs/ deactivation of existing programs is part of our regular business operations. Moreover, the Company is committed to take requisite actions for mitigating above impact," Dreamfolks Services added.

Dreamfolks Services net profit for the quarter came in at ₹17.98 crore, down 28.9% decline from ₹25.30 crore in the same quarter last year. Its revenue from operations rose 18% annually to ₹282 crore as against ₹239 crore in the year-ago period.

Dreamfolks Services shares have massively underperformed the markets as the stock has dropped as much as 57% from its 52-week high of ₹522 it touched in September last year.

As of 12:21 pm, Dreamfolks Services shares traded 4.28% lower at ₹228, underperforming the NIFTY50 index which was down 0.21%.