Everyone must have seen the India Pakistan cricket match on Saturday. At one time Pakistan team was looking very strong after losing two wickets for 152 runs. After that the Pakistan captain was bowled by Hardik Pandya. After that the entire team fell apart like a pack of cards. A similar situation is being seen in Delta Corp also. Today the company's shares have reached a record low of 52 weeks. Whereas the situation was not like this about 4 weeks ago. But the company received a notice of CGST and since then the company's shares have fallen by 29 percent. Also, there has been a decline of more than Rs 1350 crore in the valuation of the company. Let us also tell you why and how the company is suffering so much loss?
Shares of Delta Corp are under pressure from mid-July 2023. After the Government of India's decision to increase GST on online gaming, casino etc., there was a continuous decline in the shares of Indian casino companies. But the company got a big shock when it received GAT notice from the government. Before that the company's shares were trading at the level of Rs 180. Last week again CGST notice was given to the company. Since then, the shares of the company have been moving downwards.
Fall in company shares
If we talk about today, the company's shares opened at Rs 132.40 on the Bombay Stock Exchange and during the trading session the company's shares reached a 52-week low. According to the data, the company's market fell to Rs 124.60 just one hour after opening. At present, the company's shares are trading at Rs 127.65 with a decline of about 9 percent. However, on Friday the company's shares closed at Rs 140.
29 percent decline in four weeks
There has been a huge decline in the company's shares in about 4 weeks, that too since the company received the first notice of GST. According to the data, the company's share was at Rs 175.30 four weeks ago, which today reached the day's lower level of Rs 124.60. This means that the company's shares have seen a decline of 29 percent.
The valuation of the company was quite low
According to the data received from BSE, a decline has also been seen in the valuation of the company. Four weeks ago, when the company's shares were at Rs 175.30, the market cap was Rs 4,692.17 crore. After which today the company's shares came to Rs 124.60 and the market cap was seen at Rs 3,335.11 crore. This means that the market cap of the company decreased by Rs 1,357.06 crore. In which further decline may be seen.
The company has received GST notices
In its exchange filing, Delta Corp, while giving information about the fresh GST notice, said that the company has received a shortfall notice of Rs 6237 crore. Which is from January 2018 to November 2022. Whereas the shortfall tax notices of more than Rs 147 crore are from July 2017 to October 2022. GST notice has been received by DA Corp's subsidiary – DeltaTech Gaming Limited. This notice has been given by the Directorate General of GST Intelligence under Section 74(5) of the CGST Act, 2017 and West Bengal GST Act, 2017.
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