Stock markets opened on a high a day after Prime Minister Modi announced Rs 20 lakh crore stimulus package to give a boost to the economy as the country opens up after coronavirus lockdown. At 10:15 AM, the Sensex was up by 697 points while nifty was up by 196 points. Except for pharma, all sectoral indices in nifty were in the green. In Individual stocks, ICICI Bank was up by 5.53% at Rs 338.95/share and HDFC Bank was up by 4.1%.
However, customers trading on digital trading platform Zerodha were left agitated after they could not carry out trade on the stock market on Wednesday morning.
Zerodha Kite platform’s server crashed yet another time on Wednesday due to some technical glitch and stock traders could not able to access the platform. Several users took to social media to outrage against repeated issues with trading platform Zerodha after a similar technical slowed down their trading on Wednesday.
Zerodha is the largest brokerage in India with over 20 lakh clients and over 15 per cent of all retail order volumes in India daily, according to its website. Zerodha started in 2010 and quickly gained traction due to its low costs.
Another social media user said that he had already predicted that Zerodha servers would crash on Wednesday following high action in the stock market after PM Modi made an announcement to infuse capital into the market through special economic package.
A stock trader complained about the repeated instances of Zerodha servers failing during market hours and demanded SEBI to conduct an enquiry against Zerodha.
#zerodha Technical glitch can happen ones or twice …but happening every now and then that should be investigated by #sebi.— Ganesh Datta (@gdatta99) 13 May 2020
why don’t #zerodha users file complaints to #sebi regarding this?
Multiple filling can only get eyes of @SEBI_India.
Zerodha has faced issues on several occasions in the past. However, the Bengaluru-based company claims that it is strengthening its systems. In 2019, a similar outrage had happened after several futures and options traders using Zerodha platform were unable to execute trades due to technical issues.
Zerodha says ‘We were not down’
Trading platform Zerodha later today released a statement that their system was not down today.
We were not down today! In fact, apart from the first 2 minutes, when a tiny fraction of our customers faced a delay in order execution, today was our best performance in terms of order execution speeds thanks to our new data centre commissioned last week.https://t.co/AUCAFybr1u— Zerodha (@zerodhaonline) May 13, 2020
Zerodha stated that while some customers faced some technical glitch for some time early in the day today, it was one of their best performing day in terms of order execution speed.
Note: The article has been updated with Zerodha’s statement.