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SPARC drops after receiving demand order

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Sun Pharma Advanced Research Company fell 1.21% to Rs 146.50 at 10:01 IST on BSE after the company received a demand order worth Rs 46.04 crore for payment of Service Tax.

The announcement was made after market hours yesterday, 7 February 2019.

Meanwhile, the S&P BSE Sensex was down 196.75 points or 0.53% at 36,774.34.

On the BSE, 73,000 shares were traded on the counter so far as against the average daily volumes of 1.38 lakh shares in the past two weeks. The stock had hit a high of Rs 147.60 and a low of Rs 143.35 so far during the day.

Sun Pharma Advanced Research Company (SPARC) said it is receipt of an 'Order' from the Office of the Commissioner of GST & Central Excise, Mumbai East Commissionerate, demanding the payment of Service Tax along with penalty aggregating to Rs 46.04 crore along with interest under section 75 of the Finance Act, 1994. The company would contest the demand and would be filing an appropriate appeal against the Order within the stipulated period.

Sun Pharma Advanced Research Company (SPARC) is a clinical stage bio-pharmaceutical company focused on continuously improving standards of care for patients globally, through innovation in therapeutics and delivery.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 08 2019. 10:11 IST