Delta Corp shares hit 52-week low. Share falls 30% after first GST notice in September 2023
Stock market today: Delta Corp shares have been under hammer since mid July 2023. Shares of the Indian Casino major topped out after Government of India (GoI) decided to increase GST on online gaming, casino, etc.
However, the casino major received further assault when CGST issued tax notice to the company in late September. At that first notice by CGST, Delta Corp share price was around ₹180 apiece levels.
However, the CGST issued one more notice to the company last week and today Delta Corp shares hit new 52-week low of ₹127.30 apiece on NSE, losing around 30 per cent since first GST notice. Delta Corp share price today opened downsid at ₹133.40 apiece on NSE, and went further deep at ₹127.30 epr share levels within few minutes of stock market's opening bell today.
In its exchange filing, Delta Corp informed about the fresh GST notice citing, "In addition to our disclosures dated September 22, 2023, please note that Deltatech Gaming Limited, a subsidiary of the Company has received an intimation for payment of shortfall tax under Section 74(5) of the CGST Act, 2017 and West Bengal GST Act, 2017, from the Directorate General of GST Intelligence, Kolkata, on October 13, 2023." The notice alleges tax short fall payment of ₹62,36,81,07,830 (around ₹6,237 crore) from January 2018 to ₹November 2022 and ₹1,47,51,05,772 (around ₹147.51 crore) from July 2017 to October 2022. The GST notice has been received by Dea Corp subsidiary company — Deltatech Gaming Limited.
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