BackDelta Corp shares hit new intraday low after sharp fall before closing hours
Delta Corp share price today fell from around ₹142 to ₹139.50 within 30 minutes during 2:00 PM to 3:00 PM
PremiumStock market today: Delta Corp shares have been in downtrend since Government of India (GoI) raised GST on casino industry to 28 per cent. However, the comapany had to further witness rubbing of salt on its wounds when it was slapped GST notice for tax repayment to the tune of ₹1140 crore. However, the doom didn't end here only.
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In early this week, ace Indian stock market investor Ashish Kacholia offloaded 15 lakh Delta Corp shares at an average price of ₹144.65 per share levels. This further put the India's casino major under sell off heat.
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Delta Corp share price todayopened flat but soon after 2:00 PM during Thursday session, the casino stock came under sharp sell off pressure that pulled down Delta Corp share price from around ₹242 to ₹239.50 apiece on NSE within 30 minutes. So, Delta Corp shares fell over one per cent in near 30 minutes of trade.
Once backed by ace investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala, Delta Corp shares have been in down trend since mid August 2023, when Indian parliament approved the necessary legislative modifications for implementing the Goods and Services Tax (GST) Council’s proposal to levy a 28 per cent tax on the full value of deposits made by individuals to online gaming platforms, casinos, and horse racing clubs.
Why Delta Corp shares are nosediving
Delta Corp share price was around 185 apiece in mid August when the parliament paved way for imposing 28 per cent tax for casinos. After this news break, Delta Corp shares have fallen to the tune of 25 per cent in these one and half month.
NSE, BSE settlement holiday shifted to 29th September. Details here
Delta Corp shares may witness more heat as the new tax regime will be implemented from 1st October 2023, which is just two sessions away. It’s important to note that the 28 per cent GST applies solely to instances involving wagering on gaming sites. GST will not be imposed on casual gaming services offered by the platforms.
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