Delta Corp Ltd experienced a sharp 8.14% drop in its stock value on Monday, closing at Rs 128.6 per share on the National Stock Exchange (NSE). This followed the divestment by BofA Securities Europe and Societe Generale (OTC:SCGLY), who sold their holdings via open market transactions, generating Rs 56 crore.
BofA Securities liquidated 30.1 lakh shares, while Societe Generale unloaded 13.6 lakh shares, priced between Rs 127.97 and Rs 128.48 each. The total transaction was valued at approximately Rs 55.94 crore. As of the end of June, Societe Generale held a 1.43 percent stake in Delta Corp.
The significant fall in Delta Corp's share prices since June 28 has resulted in a notional loss of Rs 827 crore for retail investors who hold a quarter of the company's shares. The remainder is owned by promoters (33.3%), Mutual Funds (17.9%), and foreign portfolio investors (FPIs) close to 7%.
Adding to the company's woes, Delta Corp's subsidiary, Deltatech Gaming Ltd, received a tax demand notice on Monday for over Rs 6,000 crore, raising the company's total tax liabilities to an alarming Rs 23,000 crore. The Goods and Services Tax (GST) notice was issued due to a reported tax shortfall of Rs 6,384 crore.
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