The Indian stock market saw a gap up opening today after the announcement of an India-US trade deal last night lifted investor sentiment. However, many users of Zerodha were not able to cash in on the opportunity due to technical glitches with its trading platform Kite.
According to DownDetector, users of Kite trading app started registering complaints around 08:00 IST, with a peak of over 250 reports received within an hour at around 09:10 IST, after which the complaints slowed down to about 7 at 10:40 IST.
As traders tried to close their positions, the app showed blank holdings, network errors, and blocked trades. Many users took to X to complain about major losses as they couldn’t complete their trades in a timely manner and lost out on early gains.
While the discount broker replied to some individual complaints on X, it is yet to release an official statement.
“Had to close all positions due to algo errors in Zerodha. Didn’t expect this from Zerodha. Even small brokers such as Swastik worked pretty fine,” another trader said on X.
Others pointed out that Zerodha tends to face outages whenever a significant market movement happens. In the past, the brokerage has faced similar glitches, most recently in June 2024.
It even locked horns with the BSE in the past, when the exchange’s Grievance Redressal Committee (GRC) directed the stock broker to compensate traders who lost money due to the platform not functioning properly.
It was not immediately clear what caused the most recent outage.
The domestic equity market experienced a remarkable surge at opening today, with the Nifty 50 index opening 4.86% higher than the previous close and Sensex soaring 4.48%. This came after Prime Minister Narendra Modi and US President Donald Trump announced a trade deal between India and the US, under which the latter will reduce the tariffs on Indian products to 18% from 50% earlier.
“Had to close all positions due to algo errors in Zerodha. Didn’t expect this from Zerodha. Even small brokers such as Swastik worked pretty fine,” another trader said on X.
Others pointed out that Zerodha tends to face outages whenever a significant market movement happens. In the past, the brokerage has faced similar glitches, most recently in June 2024.
It even locked horns with the BSE in the past, when the exchange’s Grievance Redressal Committee (GRC) directed the stock broker to compensate traders who lost money due to the platform not functioning properly.
It was not immediately clear what caused the most recent outage.
The domestic equity market experienced a remarkable surge at opening today, with the Nifty 50 index opening 4.86% higher than the previous close and Sensex soaring 4.48%. This came after Prime Minister Narendra Modi and US President Donald Trump announced a trade deal between India and the US, under which the latter will reduce the tariffs on Indian products to 18% from 50% earlier.
The post Zerodha Users Complain Of Glitches Amid Market Rally After India-US Trade Deal appeared first on Inc42 Media.
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