Delta Corp Plummets 15% to 52-Week Low After Rs 16,822 Crore Tax Notice

25 Sep 2023 , 11:01 AM

Delta Corp shares hit a 52-week low, dropping 15% to Rs 149.10 on the NSE due to a tax notice received on September 22, totaling Rs 16,822 crore. The Directorate General of GST levied interest and penalties for the period July 2017 to March 2022.

The stock fell below its previous low of Rs 173.75 on March 29, 2023. It’s in the F&O segment, so no circuit limit applies. A total of 1.44 million equity shares were traded, and 17.97 million shares have pending sell orders on both NSE and BSE.

Delta Corp received a tax notice of Rs 11,140 crore for the company and Rs 5,682 crore for three subsidiaries. The notices demand payment of alleged tax shortfall, interest, and penalties, threatening show cause notices if not paid.

Delta Corp deems the notices arbitrary and contrary to law, pledging to pursue legal remedies against the tax demand and related proceedings.

For feedback and suggestions, write to us at [e-mail]