Discount broking firm Zerodha, which is also India’s largest brokerage in terms of number of active clients, was the subject of a large number of tweets on Wednesday after investors took to the social media platform to complain against an alleged server crash at the entity that caused a delay in trade execution.
Incidentally, the number of tweets were so high that “#zerodha” was among the top trends on Wednesday.
As per most of the tweets, there was a delay in trade execution, especially during the first hour of the trading session, that allegedly led to huge losses on a day when the benchmark Sensex gained over 1,400 points in the morning session.
“@zerodhaonline can you tell me what kind of nonsense is this… who is going to bear loss or are you looting clients? #zerodha,” stated one of the tweets with a screenshot that showed “server not ready” message in the Kite app
“Seems like #Zerodha has crashed again.
@zerodhaonline : this is happening very often now!,” tweeted another person.
On its part, Zerodha said that the problem existed for just a couple of minutes.
“Today is our most active trading day till date. Apart from a delay in order execution for the first two minutes for a small fraction of our customer-base, everything else has been working as normal,” stated a tweet by Zerodha. A person familiar with the developments said the problem occurred between 9:15 a.m. and 9:17 a.m. as one of the lease lines connected to the exchange got disconnected and though it got reconnected, two minutes were lost.
Zerodha has an active client base of around 1.2 million, the highest in India, and processes around 7-8 million transactions daily.