Delta Corp hits 22-month low; stock plunges 17% on heavy volume

The stock has slipped 32 per cent in the past six trading days after DG GST Intelligence booked Delta Corp and one other company for GST evasions

Delta Corp shares hit 22-month low of Rs 156, plunging 17 per cent, in intra-day trade on the BSE on Friday on the back of heavy volumes in an otherwise strong market. The stock was trading at its lowest level since July 7, 2017. In comparison, the benchmark S&P BSE Sensex was up 389 points or 1 per cent at 37,783.

The trading volumes on the counter more than doubled with a combined 5.85 million shares, representing 2.2 per cent of total equity of Delta Corp, changing hands on the NSE and BSE.

In the past six trading days, the company's share price has tanked 32 per cent after a media report suggested that DG GST Intelligence had booked two Goa companies, including Delta Corp, for Rs 6,189 crore GST evasions.

Delta Corp issued a clarification on the report, saying the company has not received any notice.

“We have not received any Notice of a case having been booked against Delta Corp Limited or Highstreet Cruises and Entertainment Private Limited for any alleged evasion of GST,” Delta Corp said in a statement on Monday, May 13, 2019.

We believe we are in compliance with GST laws and have not evaded any GST, the company said.