Delta Corp shares sink 25% on GST jolt
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New Delhi: Shares of Delta Corp fell as much as 25 per cent on Wednesday after the imposition of 28 per cent GST on online gaming. Delta Corp, a BSE 500 company, was trading at Rs 188, down 23.5 per cent in morning trade. Delta Corp Ltd shares closed Rs57.45 or 23.28 per cent lower at Rs189.35 on BSE.
With reference to the GST Council’s decision to levy a 28 per cent goods and services tax (GST) on online gaming, Nazara Technologies said that this tax, once implemented, will apply only to the skill-based real money gaming segment of our business. The contribution of this segment to our overall consolidated revenues for the financial year FY23 was 5.2 per cent.
“To the extent required, the Company will proactively take steps to mitigate any potential impact to this segment of our business, and we anticipate minimal impact to our overall revenues. The company remains committed to its growth agenda and will continue to pursue organic and inorganic opportunities across various segments in which it operates,” the company said in a regulatory filing. Nazara Technologies stock was down four per cent.
