Patanjali Foods shares fall by 10.6 % on BSE and logins the intraday low at Rs 1,620.7 per share. The selling pressure came after the goods and services tax (GST) authority slapped the company with a tax penalty of Rs 33,90,542. The Patanjali share price was fall down by 9.56 % at Rs 1,639.7 per share on BSE.
The BSE Sensex was down 1.19 % at 73,727.81. The market capitalization of company is stand at Rs 59,356.3 crore. The 52-week high of the stock was at Rs 2,030 per share and 52-week low was at Rs 1,170.1 per share.
Why Patanjali share price falls?
In February, the Supreme Court of India had dismiss the Rs 186 crore tax demand imposed on Patanjali Foods Ltd. The court quashed the demand after a Special Leave Petition (SLP) filed by the Principal Commissioner of Income Tax, Central 4, and challenged the Bombay High Court ruling. In the regulatory filing dated February 19, the company said, “The demand of Rs 186 crore for CIRP period raised by Income Tax Department quashed by Hon’ble Supreme Court of India.”
Supreme Court of India dismiss SLP
The Supreme court dismiss SLP on 15 January, 2025. It upholds the Bombay High Court’s decision. The Patanjali Foods claimed it was aware of ruling on 18 Feb, after discovers on tax and finance website, Taxmann. The company focuses on producing a wide range of food products. The company is well known for using natural, Ayurvedic, and organic ingredients and has grown in India’s food industry by offering alternatives to conventional processed food items. In previous year, the Patanjali share price has gain 15% against Sensex’s rise of 3 %.
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