This paper reports observation of moderate to intense scintillations, at S band of Indian Regional Navigation Satellite System (IRNSS). During current solar cycle 25, these occurrences are probably being reported for the first time, from a low‐latitude station Calcutta (22.58°N, 88.38°E geographic; magnetic dip 34.54°), located near the northern crest of Equatorial Ionization Anomaly. Efforts have been made to analyze irregularity dynamics at IRNSS S band, along with a comparative study at GNSS L1 to characterize occurrence and evolution of multiscale irregularity structures. Power spectral analysis technique has been applied on recorded C/NO, during scintillation patches, to measure east‐west zonal drift velocity. Efforts are also made to study intensity of signal perturbation at L5 frequency of IRNSS, compared to S band, when observed simultaneously, during period of ionospheric scintillation. Concurrent irregularity dynamics at L1, L5, and S band, particularly from a low‐latitude station, has not been extensively reported earlier. Data is recorded during vernal equinox (February–April 2022) of current solar cycle. Results of this study show occurrence of simultaneous night‐time scintillation at L1, L5, and S band. East‐west zonal drift velocity of irregularity, obtained from S band observations are found to decrease with the progress of time during 20–23 LT having a maximum value of 125 m/s. At GNSS L1, hourly average value of the velocity, is observed to maximize during 20–21 LT. Simultaneous observation of scintillation effects at L5 and S band of IRNSS led to loss‐of‐lock at L5, while no such occurrence was noted at S band.