The Karnataka Assistant Commissioner for Commercial Taxes (Audit), has recently issued an assessment order on April 1st, 2024 early morning against Zomato Limited, the online food delivery giant. The given order seeks INR 23.26, totalling INR 11.27 GST, interest, and penalty. Despite this, Zomato remains undaunted by the contesting spots and the company does not foresee any detrimental financial repercussions.
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Stock Performance
Zomato shares saw a marginal appreciation of 1.59% and closed at INR 182.35 on the Bombay Stock Exchange (BSE) yesterday. Zomato shares colourfully posit against different moving averages, which endow investors with the confidence that there is an optimistic feeling among them.
Zomato to Appeal
In the exchanges, Soaring Zomato announced that it received an email from the customs department about the GST due for the 2018-19 financial year. The company has declared that its legal posture is strong and stands behind its decision to challenge the order before the relevant review body. Some of Zomato shareholders believe it is because of the input tax credit utilization and related penalties alleged to come from excesses, not foster recovery.
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Market Activity
On Thursday, approximately 28.91 Lac shares of Zomato were traded on BSE, amounting to a turnover of INR 52.15 Cr. This heightened activity contributed to a rise in the company’s market capitalization, reaching INR 1.60 Lac Share. Zomato’s stock has experienced a remarkable 263% surge over the past year, with a 46.47% increase in 2024 alone.
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