Pine Labs slides 4.8% on gift-card breakage scare, recovers after clarifying income never hit P&L
Stock hit a low of Rs 146.40 (-4.78%) on a report flagging risk to gift card breakage income, but pared losses to close -1.66% at Rs 151.20 after Pine Labs said breakage accrues to brand partners, not the company. YTD the stock is down 35.71%; balance sheet shows Rs 2,732 cr cash, Rs 283 cr borrowings, Rs 2,449 cr net cash and 71% OCF conversion.
Pine Labs shares fell up to 4.78% on a report claiming gift card breakage income would be hit, before paring losses after the company clarified breakage belongs to brand partners and never formed part of its P&L.