The stock was quoting at its lowest level since December 2020 after the company received a tax notice amounting to Rs 16,822 crore last Friday, September 22.
Delta Corp said the amounts claimed in the DG Notices are inter alia based on the gross bet value of all games played at the casinos during the relevant period
The tax notice comes at a time when the company, valued at over $566 million, is already facing heat over the recent move in July by the country's GST Council to impose a 28% indirect tax
Revenue from its mainstay casino gaming division rose about 11%, helping net sales climb nearly 9% to 2.73 billion rupees
Stocks to watch on July 13, 2023: Shares of TCS and HCL Technologies will react to Q1 earnings on Thursday.
CLOSING BELL ON JULY 12, 2023: Shares of online gaming firms wilted under selling pressure on Wednesday owing to the 28% GST levy. Meanwhile, HDFC signed-off its from the bourses with a 0.6% loss.
Delta Corp needs to cross the 200-DMA to regain the momentum, while Nazara Technologies must hold the 200-DMA as a support.
RMG refers to skill-based games that can be played for real money
Stocks to watch on July 12, 2023: IT majors TCS and HCL Technologies will report Q1 earnings today, Wednesday.
Stocks to watch on June 13, 2023: Shares of airline company are likely to be in focus on Tuesday after the DGCA eased norms to launch new overseas destinations.
Stocks to watch today: Tata Metaliks reported a sharp fall of 73 per cent in its December quarter net profit at Rs 9.48 crore, on account of increased expenses
Stocks to Watch Today: Analysts recommend lack of clarity on the new policy may limit the upside on Concor; Govt to acquire stake in Voda Idea after the stock stabilizes above Rs 10.
Stocks to Watch Today: Tamilnad Mercantile Bank's IPO will open for subscription in the price band of Rs 520 - 525 on Monday.
The shares of the company were disposed of at an average price of Rs 192.56 apiece, valuing the transaction size at Rs 30.91 crore.
The GST Council has decided to refer the report of the Group of Ministers on casinos, online gaming and horse racing back to the panel of ministers for further deliberation.
Post transactions, Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala's holding in Delta Corp has declined to 1.2 per cent or 3.25 million shares from 3.36 per cent as on June 14, 2022.
DGL's IPO will comprise a fresh issue of equity shares of face value of Rs 1 each, for an amount aggregating up to Rs 300 crore and an offer for sale for up to Rs 250 cr
Meanwhile, thus far in the month of June, ace investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have sold 7.5 million equity shares of Delta Corp through open market sale
CLOSING BELL: Reliance Industries (RIL) was the biggest contributor, accounting for over 65 per cent of today's gains, as its shares surged 3.6 per cent
According to the technical analyst from Anand Rathi, Cummins India has confirmed a multiyear breakout above the Rs 1,050-level.