Delta Corp Receives Interim Relief from Bombay High Court on Tax Notices, Shares Rise 5%

25 Oct 2023 , 12:37 PM

Delta Corp’s shares rose 5% at market open on October 25, following Bombay High Court’s interim relief regarding income tax show-cause notices. The court ordered authorities not to make definitive decisions without prior court approval.

The stock faced pressure after receiving a direct tax notice of Rs 11,140 crore, along with its subsidiaries, receiving notices worth Rs 5,682 crore. The stock had previously hit a 52-week low and dropped nearly 9% in a single day due to these developments.

Casino and online gaming companies, including Delta Corp, have been affected by a 28% GST levy on the face value of gaming chips.

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