Delta Corp Limited (NS: DELT ) is one stock that everyone has been talking about over the weekend. The company has received a gigantic GST notice of INR 16,822 crore which is insane considering the fact that it is 258% higher than the entire market cap of INR 4,698 of the company (as of Friday).
This mind-boggling tax demand questions the ability of the firm to further continue its operations.
Although the company has clearly stated that it intends to contest this decision in court, investors’ sentiment has already been dented. The share price of Delta Corp opened the session with a 10% lower circuit, at 157.9. However, as it is in the F&O space after the cooling period the circuit opened and the pent-up supply again threw the Delta Corp shares to the next limit of 15% circuit to INR 149.1.
Even at this rate, there are 1.43 crore shares pending to be sold off at the lowest possible offer. This panic selling shows a likelihood of the next 5% circuit to a total of 20%.
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