New Delhi, July 13 -- Shares of Fino Payments Bank were locked in the 20% upper circuit in Monday's trade (July 13), hitting a four-month high of Rs.162.48 apiece as investors cheered the company's June business update.

Today's rally also marked the stock's biggest intraday gain in recent years and brought much-needed relief to investors after a prolonged period of weakness. The company had released its June operational update on Friday, after market hours, reporting steady growth in deposits and strong traction in its loan referral business.

The bank's average total deposits rose 11% year-on-year to Rs.2,755 crore, reflecting sustained growth in its deposit franchise and signalling steady progress in its transition towards a more compr...