Ashish Kacholia exits Delta Corp; stock falls nearly 6%

Shares of Delta Corp, the casino, online gaming, and cruise ship operator, fell as much as 6 per cent in the morning trade on Tuesday, September 26, after ace investor Ashish Ramchandra Kacholia exited the stock. However, the stock recovered later. 

Ashish Ramchandra Kacholia sold 15 lakh shares, or a 0.56 per cent stake, at Rs 144.65 apiece through a bulk deal. The total deal size was worth Rs 21.69 crore. This move came after the stock lost over 17 per cent in Monday's trading session. 

At around 9:58 a.m. on the BSE, shares of Delta Corp traded 0.35 per cent lower at Rs 142.5 apiece. The market capitalisation of the company stood at Rs 3,815.74 crore. The stock has been under pressure for seven straight sessions.

As per corporate shareholdings filed for June 30, 2023, Ashish Kacholia publicly holds 41 stocks with a net worth of over Rs. 2,028.4 crore.

The free fall in the stock was tracked after the company received a goods and services tax (GST) notice amounting to Rs 16,822 crore. Delta Corp is directed to pay Rs 11,139 crore in tax for the period between July 2017 and March 2022. Furthermore, its subsidiaries have received a tax notice worth Rs 5,683 crore.

Delta Corp has claimed that the amount mentioned in the DG Notice is based on the gross bet value of all games played at the casinos during the relevant period. Further, the company has said that the demand for GST on gross bet value rather than gross gaming revenue has been an industry issue, and various representations have already been made to the government at an industry level over this issue.

Delta Corp share price: Past Performance

So far in 2023, shares of Delta Corp have lost over 34 per cent against the Nifty50's rise of over 8 per cent. 

Catch the latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.