Stock Market Woes: Delta Corp’s stock takes a severe hit, plummeting 22% in just one month, and it reaches a new 52-week low.
Tax Troubles: The company’s troubles stem from a notice received by one of its subsidiaries, demanding payment of Rs 6,384 crore due to a tax shortfall.
Mounting Debt: This new notice pushes the total tax demand from the group to well over Rs 23,000 crore, a staggering figure when compared to the company’s market capitalization of just Rs 3,749 crore.
Detailed Stock Performance
Recent Downtrend: Delta Corp’s stock had already experienced a significant decline of nearly 22% in the previous month.
Gaming Subsidiary: Deltatech Gaming, previously known as Gaussian Networks, operates gaming apps like Adda52 and Addagames.
Current Status: As of 11:55 am, Delta Corp’s stock was trading at Rs 127.35, marking a 9.04% decrease from the previous day’s closing.
It’s clear that Delta Corp is facing significant financial challenges, with its stock price taking a nosedive and tax demands that far exceed its market capitalization. These developments raise concerns about the company’s financial stability and its ability to recover from this downward trend.
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