 "Zinka Logistics slips 3% in trade; here's what's dragging the stock")
Zinka Logistics shares slipped 2.8 per cent on BSE, logging an intraday low at Rs 398.5 per share. The southward movement in the stock came after the company's Bengaluru office was inspected by Assistant Commissioner of Commercial Taxes, Bengaluru.
Around 11:53 AM, Zinka Logistics share price was down 1.66 per cent at Rs 403.4 per share on BSE. In comparison, the BSE Sensex was down 0.12 per cent at 73,938.18. The market capitalisation of the company stood at Rs 7,148.85 crore. The 52-week high of the stock was at Rs 548 per share and the 52-week low was at Rs 248.25 per share.
"We hereby inform that the Assistant Commissioner of Commercial Taxes, South Kormangala, Bengaluru has conducted search or inspection on March 11, 2025, under the applicable provisions of Karnataka Goods and Service Tax Act, 2017 (KGST Act) read with relevant provisions of the Central Good and Services Tax Act, 2017 at the company’s corporate office situated at Vaswani Presidio, 2nd floor, Panathur Main Rd, Kadubeesanahalli Panathur, Bengaluru, Karnataka 560103." the filing read.
The filing added the inspection or search process did not have any impact on the normal operations, at the said office of the company.
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During the inspection process, the authorities enquired about the goods and services tax (GST) taxation and checked the accounts as well as records both physical and electronic data and information and document.
Zinka Logistics Solutions is a digital platform in India's logistics sector, primarily serving truck operators. Established in 2015 and headquartered in Bengaluru, Karnataka, the company offers a comprehensive suite of services, including payments, telematics, load marketplaces, and vehicle financing. Using the company's platform their customers primarily comprising truck operators digitally manage payments for tolling and fueling monitor drivers and fleets using telematics find loads on their marketplace and get access to financing for purchase of used vehicles. ALSO READ: Starlink deal: Regulatory, pricing woes outweigh positives for Airtel, RIL
The company was able to generate a significant scale of customers with the launch of their payments offerings. As it acquired more customers through payments offering and started seeing higher engagement of customers it launched telematics offering. The strength of the existing customer base coupled with the depth and the distribution network helped them scale the adoption of telematics offerings rapidly.