Ashneer Grover Hits Back at Donation Demand; Penny Stock Rallies

Ashneer Grover has publicly responded to demands for a ₹900 crore donation, following intense social media backlash sparked by recent remarks made by his wife, Madhuri Jain Grover. The controversy originated from a personal anecdote shared during an appearance on a reality television program, where the couple discussed family planning challenges. The request for a massive charitable contribution appears to be an unofficial reaction from critics, which Grover dismissed with a sharp and dismissive public retort.

Amid the headlines, the financial markets saw a surge in a specific penny stock, Golden Legend Leasing and Finance Ltd., which rallied 8.3% to reach ₹9.46. This marks the second consecutive session of gains for the stock, which is currently trading below ₹10. The rally was primarily driven by the company's announcement of a new wholly owned subsidiary, Gullakkart Private Limited. This entity aims to expand the company’s digital financial services footprint.

The optimism surrounding the rally is tied to Gullakkart’s potential to secure a Prepaid Payment Instrument license from the Reserve Bank of India. Such a license would allow the company to offer digital wallet services, positioning it as a player in India's competitive fintech space. While the stock's rally highlights retail investor interest in low-priced finance companies, the broader market remains cautious regarding penny stock volatility. Investors are now watching to see if the company can successfully navigate the regulatory hurdles required to operationalize its digital payment services in the near term.