‘Will Take You to Court’: Angry Users Threaten Zerodha with Legal Action After Glitch
'Will Take You to Court': Angry Users Threaten Zerodha with Legal Action After Glitch
Zerodha, the popular stock brokerage firm, faced severe backlash on social media platform X (formerly Twitter) on Monday due to a technical glitch. The technical problem prevented users from placing orders. The issue led to substantial losses for many traders, prompting a wave of frustration and anger online.
I was shorting 60000 ce at 390₴
— Berlin (@TradeLikeBerlin) July 8, 2024
And there some nonsense error occurred from Zerodha.
Just after 5 minutes, the premium lost more than 60% of it's value and made a low of 180.
Now @zerodhaonline will you pay me for the gains which I've lost? pic.twitter.com/TRKrwQnp8A
User Reactions
Users expressed their grievances on X, with some even threatening legal action against the firm. One user wrote, “My orders not getting executed. Will take you to court if I lose any single penny.” The widespread outrage highlights the critical nature of reliable service in the fast-paced world of stock trading.
Some of our users were facing issues seeing the latest status of some orders while the orders themselves were successfully placed. This issue is now fixed.
— Zerodha (@zerodhaonline) July 8, 2024
The status for new orders is updating fine now. We're working on updating the status for older orders. Apologies for the…
’10L lost due to zerodha. 9.15 orders executed 1.5 hours later. @zerodhaonline what the hell. This is money we earned by hardwork. I want my money back and going to courts,” said another on X.
There were several other users who complained about orders not getting placed on Zerodha.
@SEBI_India no it’s not resolved, for the current order it’s showing internal error . pic.twitter.com/N3A3olBzUn
— ms_sm07 (@ms_sm07) July 8, 2024
Zerodha shared a message on social media platform X claiming that the issue was fixed and apologised for the inconvenience caused.
“Some of our users were facing issues seeing the latest status of some orders while the orders themselves were successfully placed. This issue is now fixed. The status for new orders is updating fine now. We’re working on updating the status for older orders. Apologies for the inconvenience caused,” said Zerodha.
However, some users responded that the issues had not yet been fixed and demanded the brokerage firm to take accountability for the losses incurred.
“@SEBI_India no it’s not resolved, for the current order it’s showing internal error,” said a user on X.
“am still facing the issue for old orders. Who will be responsible for the losses?? You have to fix this immediately,” wrote another user on X.
Founded by Nithin Kamath and Nikhil Kamath in 2010, Zerodha has grown to become one of India’s leading stock brokerage firms. The company’s user-friendly platform and low-cost trading options have attracted a large user base. However, this incident underscores the importance of maintaining robust technical infrastructure to ensure seamless trading experiences.
The glitch at Zerodha has stirred significant discontent among its users, highlighting the critical need for reliable trading platforms in the financial sector.
