In a shocking turn of events, Delta Corp, a prominent player in the gaming industry, has been hit with a massive tax liability. The company’s subsidiary, Deltatech Gaming Limited, recently received a notice demanding payment of ₹6,384 crore from the Directorate General of GST Intelligence. This substantial tax shortfall has sent shockwaves through the financial markets, causing Delta Corp’s stock price to plummet.
The Tax Notices Saga
This isn’t the first time Delta Corp has faced such a predicament. Just last month, the company received notices totaling an eye-watering ₹16,822 crore for the period between July 2017 and March 2022. These notices were issued against Delta Corp itself and three of its subsidiaries: Casino Deltin Denzong, Highstreet Cruises, and Delta Pleasure Cruises. The cumulative tax obligation now stands at an astronomical ₹23,206 crore.
Impact on Stock Price
Investors have reacted swiftly to this bombshell. Delta Corp’s stock price closed 0.85% lower at ₹140 on Friday. Over the past year, the company’s shares have experienced significant volatility, and since the beginning of this year, they have fallen by a staggering 35%. The uncertainty surrounding the tax liability has rattled shareholders and raised concerns about the company’s financial stability.
What Lies Ahead?
As Delta Corp grapples with this unprecedented tax burden, questions abound. Will the company be able to meet its obligations? How will it impact its operations and expansion plans? Investors are closely monitoring developments as they await further clarity from the management.
Conclusion
Delta Corp’s ₹6,384 crore tax bombshell has sent shockwaves through the financial world. As authorities tighten their grip on tax compliance, companies must tread carefully to avoid similar pitfalls. For now, all eyes are on Delta Corp as it navigates these choppy waters.
This post Delta Corp’s ₹6,384 Crore Tax Bombshell: Stock Price Tumbles! was originally published at Finance Crave
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