ICICI Lombard stock falls after insurance firm slapped with Rs 1,728 crore GST notice

ICICI Lombard Share Price: Shares of ICICI Lombard fell 1.72 per cent, or Rs 22.40, at Rs 1,280.35, on Thursday (September 28) morning after the DG of GST intelligence slapped the company with a GST show cause notice of Rs 1,728 crore under CGST and SGST.

The share that opened at Rs 1283.95 on Thursday hit the day's low of Rs 1,266. Though it recovered in later stages, it didn't touch its close price of Wednesday.  

The company said that the show-cause notice for non-payment of GST on re-insurance commission during the period 2017 to March 2022. 

Please note that the company has received a show cause cum demand notice from the directorate general of GST intelligence, Pune Zonal Unit under Section 73(1) of the Central Goods and Services Tax Act, 2017 (“the Act”), today i.e. on September 27, 2023, alleging a tax demand of Rs 17,28,86,10,803," the company said in its BSE filing on Wednesday.