Zomato Ltd Faces Downturn in Share Price Following GST Notice of ₹402 Crore

Zomato Ltd Faces Downturn in Share Price Following GST Notice of ₹402 Crore

VoM News Desk | December 28, 2023 | 10:57 AM IST | Breaking News | Follow on Google News

Zomato Ltd Faces Downturn in Share Price Following GST Notice of ₹402 Crore

Zomato Ltd Faces Downturn in Share Price Following GST Notice of ₹402 Crore

Zomato Ltd encountered a decline in its share price as it opened in the red due to the receipt of a GST notice amounting to ₹402 crore.

The company revealed that on December 28, it received a show-cause notice from the Goods and Services Tax (GST) office, citing a potential tax liability of ₹401.7 crore.

This amount includes interest and penalties, attributed to the collection of delivery fees from its customers during the period spanning from October 29, 2019, to March 31, 2022.

As a result of this development, Zomato Ltd’s shares are currently trading at 124.30, indicating a decrease of approximately 2.16% compared to the previous day’s trade.

VoM News Desk

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