Zomato share price: Zomato has received a show cause notice from the GST office for a tax liability of ₹401.7 crore, in addition to interest and penalty on delivery fee collection. Zomato stocks opened in red, down 1.69 per cent at ₹124.90, on December 28 at 9:19 am on BSE.
India Business News: Zomato's stock declined by 5% on the BSE due to a show-cause notice from GST authorities, which cited a Rs 402-crore tax liability.
The show cause notice, Zomato said, requires the company to show cause as to why an alleged tax liability of Rs 401.70 crore along with interest and penalty should not be demanded from the company.
Zomato received a show cause notice (SCN) on 26 December 2023 under Section 74(1) of the Central Goods and Services Tax Act, 2017 from the Directorate General of GST Intelligence, Pune Zonal Unit.
Zomato share price: The stock today plunged 5 per cent to hit a day low price of Rs 120.70. At this price, the scrip has slipped 8.39 per cent from its one-year high of Rs 131.75, a level seen this month on December 19. Despite the mentioned fall, the multibagger counter has gained 172.15 per cent from its 52-week low of Rs 44.35, hit on January 25 earlier this year.