Comment by debarshri
16 hours ago
eMudhra stock is down 20% [1] There is a real financial consequence of bad posture. I am confident they were passing the compliances; everything was 100%.
We have been operating in India for a while. People do not take security, processes, etc., seriously in India. At least most of the organizations do not. Most likely, a human error caused the incident, and guardrails could have prevented it.
The sad part is that even after a major incident like this, the org is probably not going to invest in tools and processes to improve their posture. They will only do what is necessary to meet compliance. This is just the nature of a market driven by low margins and low-quality vendors.
There is no malice here by the org; it is just unfortunate.
It fell by exactly 20.00% because it hit the NSE's lower circuit, which prevents trades below that price for the rest of the session without technically halting trading. This is effectively a trading halt because there are presumably no buy orders at the asking price, and the real value of the asset is likely much lower. [1]
[1]: https://www.nseindia.com/static/products-services/equity-mar...
-20% is today's movement, it is -37% on the 5 day (which includes the data from yesterday).
It looks like them explaining that certs are only a small part of their business did not fly with shareholders.
It’s worth pointing out much more strongly that their entire business is “digital trust”.
If markets were rational, this incident and the way they’ve responded should be enough to completely put them out of business. Of course it probably won’t.
I think it is not that people do not take things seriously. It is that there is no bandwidth for them to do so. I used to live in India, now don't live in India.
If I had to battle 2 hours of Indian traffic just to reach office, while I am also stressed about things I have to do with the city office to get my apartment approved, while also having to deal with all the plumbers etc who just call at random times, and while also thinking of having to fix my car, and none of this is easy. Everything is fucking hard, I would have no mental concentration to do these ceremonies properly as well.
I look at some of my friends in India, there's just so much daily work just to get by. Easily 4-5 hours lost everyday just for useless mandatory stuff. On top of 9 hour of sleep and 6 hours of eating, cooking, washing stuff, exercise, bathroom, you are left with 4 hours of actual work you can do per day.
So most Indian employees are unfortunately only able to work at 50% productivity. And then it is not surprising that they make mistakes.
> If I had to battle 2 hours of Indian traffic just to reach office
The company could have their office in a less congested area. The company could've given work-from-home option. The employee could've rented home near to the office. The employee could've got a cab. All Indian problems are self inflicted. Why should every company have it's office in "Bellandur" and "Marathalli"? In a self-respecting civilization, a professional earning in top 5% of the population wouldn't even want to step into such slums.
In any case, the reluctance to do proper automation and testing stems from pure lack of knowledge of good practices and hubris. Because it's going to increase velocity compared to not doing it.
I operate in india as well as rest of the world. What you are saying is true only from one perspective. When I'm in india, you can hire a persons to do Day literally everything. Cleaning, cooking, shopping any chore you can think off. I'm actually more productive when I'm in india.
Traffic is a real problem. But if your compensation is above average in tech, you can get a car with a driver and work from car.
I hear you and i agree with you. I also believe orgs should try their best to make sure employee dont have to deal with it and be more productive.
Unfortunately most of the tech buisness are what we call "lala" businesses and they are not incentivising.
sounds like "meeting compliance" is inadequate, and "compliance" needs to be increased. A rising tide raises all boats.