GST On Online Gaming And Casinos: On Tuesday, the GST Council (GST Council) decided to impose 28 percent GST on online gaming, casino and horse racing, in Wednesday’s trading session, the stock of casino company Delta Corp (Delta Corp Share) rose. The stock of Delta Corp fell by 25 per cent intraday. The decision to impose Goods and Services Tax (GST) on the stock of gaming company Nazara Technology has also taken a hit. Stock market’s Bigbull Rakesh Jhunjhunwala has holding in both the stocks.
Delta Corp fell 25 percent
Due to the GST Council’s decision to impose 28 percent GST (GST) on casinos, tremendous selling has been seen on the shares of Delta Corp in Wednesday’s trading session. From Tuesday’s closing price of Rs 246.70, the stock fell straight down to Rs 181.70 during the day. That is, the stock fell by 26 percent or up to Rs.65 in the day’s trade. At the close of the market, the stock closed at Rs 189.50, down 23.19 per cent. This is the biggest fall in Delta Corp’s stock in a day. Earlier, the company’s one year low price was Rs 172.30, which was seen on July 12, 2022.
the view also slipped
The stock of online gaming company Nazara Technologies also opened with a heavy fall. From Tuesday’s price of Rs 706.50, the stock opened by falling directly to Rs 640 on Wednesday. But after this recovery was seen in the stock. And at the close of the market, the stock closed at Rs 688.45 with a fall of 2.55 per cent.
Industry disappointed with the decision to impose GST
In fact, in the GST Council meeting chaired by Finance Minister Nirmala Sitharaman, it has been decided to impose a uniform GST of 28 percent on online gaming, casino and horse racing. The industry believes that this could have an impact on the online gaming and casino industry. Due to this fear, heavy selling has been seen in the stock.
read this also
