Delta Corp share price plunged over 8% in early trade on Thursday after Finance Minister Nirmala Sitharaman said that the 28% Goods & Services Tax (GST) on online gaming, casinos and horse racing will be implemented from October 1.
Delta Corp shares fell as much as 8.04% to ₹181.25 apiece on the BSE.
The Goods and Services (GST) Council in its 51st meeting held virtually on August 2 decided that it will review the 28% tax levied on online gaming, casinos, six months after it comes into effect from October 1, 2023.
Read here: GST Council to review 28% tax on online gaming 6 months after implementation
The finance minister said that the decision near-unanimous as a handful of states opposed the decision. The Delhi finance minister opposed the levy of the tax on online gaming. Also, Goa and Sikkim wanted the tax levied on the gross gaming revenue (GGR) and not on the face value.
Delta Corp share price has plunged more than 25% in the last one month. The stock is down 11% YTD.
At 9:40 am, Delta Corp share price was trading 4.97% lower at ₹187.30 apiece on the BSE.
