Zomato Shares Fall After Being Slapped With A GST Penalty Of ₹3.5 Lakh

Deepinder Goyal-led Zomato appears to have ran into a bit of a trouble, as the company has been served with a GST penalty notice of Rs 3.5 lakh. This also appears to have started to affect their performance at teh equity market as well. The company shares were trading in red in the early hours of the day's trade on Monday, September 2.

Zomato Slapped With GST Penalty

Interestingly, this is the second time the food delivery and quick service entity has been served with a GST notice, within the span of about a week.

Previously, the Gurugram-based company was served with GST demand notices from Tamil Nadu and West Bengal authorities for about Rs 4.59 crore.

As per reports, Deepinder Goyal, clarified that the GST notice was sent to the business, "disputing the eligibility of the input tax credit and interest penalty thereon."

In addition, the company, which recently ventured into the ticketing business with its acquisition of the Paytm ticketing arm, received a notice of tax demand of Rs 9.45 crore from the GST last month.

Zomato Shares Continue To Drop

When it comes to the company's performance at Dalal Street, the company had a rosy end to the month of August, as the company's acquisition of embattled Paytm's ticketing arm, led to a rise in its stock prices.

However, on the first reading session of September, Zomato shares dipped in red. In fact, the shares have seen a consistent decline since the beginning of the day.

At 10:20 IST, the Deepinder Goyal-led company's shares dropped by 0.97 per cent or Rs 2.43. This took the overall value of the shares to Rs 248.10 per piece. It also needs to be noted that over the past 5 trading sessions, the company shares have lost 3.93 per cent