Delta Corp Shares Plummet as BofA Securities and Societe Generale Divest
Delta Corp Stock Value Takes a Hit
Delta Corp Ltd witnessed a significant drop in its stock value on Monday, with a decline of 8.14%, resulting in a closing price of Rs 128.6 per share on the National Stock Exchange (NSE). The drop can be attributed to the recent divestment by BofA Securities Europe and Societe Generale.
BofA Securities and Societe Generale Sell Holdings
BofA Securities Europe and Societe Generale decided to sell their holdings in Delta Corp via open market transactions, generating a substantial sum of Rs 56 crore. BofA Securities liquidated 30.1 lakh shares, while Societe Generale unloaded 13.6 lakh shares. The total transaction value amounted to approximately Rs 55.94 crore.
Delta Corp’s Share Prices and Investor Loss
Since June 28, Delta Corp’s share prices have experienced a significant decline, resulting in a notional loss of Rs 827 crore for retail investors who hold a quarter of the company’s shares. The remaining shares are owned by promoters (33.3%), Mutual Funds (17.9%), and foreign portfolio investors (FPIs) close to 7%.
Tax Demand Notice for Delta Corp’s Subsidiary
Adding to Delta Corp’s challenges, its subsidiary, Deltatech Gaming Ltd, received a tax demand notice on Monday, amounting to over Rs 6,000 crore. This notice has raised the company’s total tax liabilities to a staggering Rs 23,000 crore. The demand was issued due to a reported tax shortfall of Rs 6,384 crore under the Goods and Services Tax (GST).
This article provides an in-depth analysis of the recent developments surrounding Delta Corp Ltd, shedding light on the divestment by BofA Securities Europe and Societe Generale. It also highlights the significant decline in the company’s share prices and the resulting loss for retail investors. Furthermore, it delves into the tax demand notice received by Delta Corp’s subsidiary, Deltatech Gaming Ltd, emphasizing the substantial increase in the company’s overall tax liabilities. These recent events have had a considerable impact on Delta Corp’s financial standing and warrant close attention from investors and industry observers.
