Delta Corp tanks 16% as Supreme Court upholds retrospective 28% GST on gaming
Casino operator's stock hits Rs 68 low after apex court backs over Rs 1 lakh crore in retrospective tax demands on online gaming, with sector-wide exposure pegged at Rs 2.5 lakh crore. Q4 net profit collapsed 90% YoY to Rs 16.45 cr on revenue of Rs 161.25 cr (-11.72%). Nazara, OnMobile also in firing line.
Delta Corp shares plunged 16% after Supreme Court upheld retrospective 28% GST on online gaming, backing tax demands over Rs 1 lakh crore. The casino-hospitality operator also posted a 90% YoY Q4 profit decline.