Zerodha down! Users have a meltdown after Monday morning glitch

Zerodha faced an outage on Monday with users taking their grouse to social media, complaining they were not able to see their holdings, trades and other details on their accounts.

"What's going on...locking all orders and not allowing to close positions," said a user.  Another user complained that he was unable to square off position now. "Zerodha, thank you for converting profitable trade into loss one...you talk abt tech all time where’s it?."

According to DownDetector, the company’s website was being reported for issues with mobile brokerage and trading at 9:36 am. 

While some users were venting about their losses due to the outage, others also shared memes. 

After it was met with outrage from users, Zerodha said the outage was due to a connectivity issue. "Due to a connectivity issue, some of our users were intermittently facing issues with order placement on Kite. This issue is now resolved. We regret the inconvenience caused," the firm said in a statement.

Meanwhile, Sensex rose 550 points to 71,250 whereas Nifty went up 177 points to 21,259. Banking, oil and gas and capital goods stocks logged huge gains in the opening trade. Sun Pharma, NTPC, Kotak Bank, PowerGrid and L&T were among the top Sensex gainers. Infosys, IndusInd Bank, JSW Bank, ITC and M&M were among the top Sensex losers. 

Fintech startup Groww continued its lead over Zerodha as the former added a million active traders in the December quarter. At the end of 2023, Groww logged 7.6 million active traders versus 6.7 million active investors associated with Zerodha. As of September 2023, Groww surpassed Zerodha in terms of the number of active investors. While Groww has 6.63 million active investors, Zerodha has 6.48 million active investors, according to the NSE data.

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