eMudhra shares fell about 10% to a fresh 52-week low of ₹318 on October 26, taking the five-day drop to 43%, after a certificate security incident, a government probe and the company’s exit from its global TLS business.
Another Leg Down for the Stock
Shares of eMudhra, an Indian digital certification company, extended their slide on Monday, October 26. The stock fell about 10% to a new 52-week low of ₹318 on the BSE, according to Business Standard and Whalesbook. Business Standard reported that the shares were down 43% in five days and 53% from their September high.
The fall has been steep and quick. Earlier, on Thursday, October 22, the stock plunged nearly 20% to a 52-week low after the government said it had constituted a special team to investigate a security incident at the company.
| Date | Event |
| October 17 | Independent researcher identifies the exposure, per Whalesbook |
| October 21 | MeitY says it has set up a special team to investigate |
| October 22 | Stock falls nearly 20%; board announces exit from global TLS certificate business |
| October 26 | Stock falls about 10% to ₹318, a fresh 52-week low |
What Went Wrong
eMudhra issues digital signature certificates and website security certificates, which help browsers confirm that a website is genuine. The company disclosed that private keys linked to eight intermediate certificate authority (CA) certificates were compromised, according to reports. A certificate authority is an organisation that browsers trust to vouch for websites, so if its keys are weak or exposed, browsers can withdraw that trust.
Whalesbook reported that the root cause was a technical error during a key generation ceremony on April 30, 2025, which produced a set of weaker cryptographic keys alongside valid ones. The exposure was identified by an independent researcher on October 17, 2026, and major global browsers then took action to revoke the affected certificates.
Government Probe and the TLS Exit
The Ministry of Electronics and Information Technology (MeitY) said on Wednesday, October 21 that it had constituted a special team to investigate the incident. News agency reports said the impact on Indian websites remained limited.
In response to the crisis, eMudhra’s board announced on October 22 that it would exit the global TLS certificate business. TLS certificates are the ones that encrypt the connection between a browser and a website. The company said it would concentrate on domestic trust services and enterprise solutions, according to Whalesbook.
How Big Is the Revenue Hit
Reports differ on how much the TLS business matters to eMudhra’s income, and the company’s own filings should be checked for the exact split. One report on the incident said the company stated that its affected global TLS business contributes approximately 1% of total revenue. Another report said overseas markets made up more than 60% of total income and that the exit therefore puts a large share of revenue at risk.
These two statements are hard to reconcile, and they may refer to different definitions, such as the TLS certificate line versus all international revenue. This could not be confirmed from the sources reviewed, so readers should not treat either percentage as established until the company discloses more detail.
The Share Price Trail
The stock has now fallen sharply in successive sessions. A market data report said the shares fell about 34% over three sessions through October 22, and Business Standard’s latest count shows a 43% fall over five days. At one point on October 22 the stock traded near ₹345.60 after a 20% drop, and it has since moved lower to ₹318.
Such a fast decline means the market is repricing both the possible revenue loss and the uncertainty around the investigation. It does not by itself say how the investigation will end.
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What to Watch
Investors will follow the outcome of the MeitY probe, any further statement from the company on the revenue effect of exiting the TLS business, and whether the domestic digital signature and eSign businesses are affected. The company’s next quarterly results will show the financial impact more clearly.
The information here describes events up to October 26, 2026, and is not a forecast. Developments in a security investigation can change quickly.
