Delta Corp shares hit 52-week low as company's subsidiary receives GST notice; stock down 30% in less than a month

Stock market today: Delta Corp shares fell 10 percent on Monday after the company's subsidiary, Deltatech Gaming Limited, received a Goods and Services Tax (GST) notice for payment of ₹6,384 crore owing to tax shortfall. The stock hit a 52-week low of ₹126 apiece. 

Delta Corp shares have been under hammer since mid July 2023.

Shares of the Indian casino major witnessed a decline after Government of India (GoI) decided to increase GST on online gaming, casinos, etc.  

A GST notice received by the company on September 22 came as an additional blow to the company's shares 

And the fresh notice received by Deltatech Gaming Limited has only made matters worse for the stock.

The stock has lost around 30 percent since the GST notice in September.

In an exchange filing, the company said, "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