Shares of Nazara Technologies fell over 7% on Thursday to Rs 845.65 following reports that two of its subsidiaries have received show cause notices for GST liabilities totaling nearly Rs 1,120 crore. The stock opened with a loss of 7.32% and hit an intraday low of Rs 845.65, down 7.8% from the previous close of Rs 923.20 on the BSE.
Openplay Technologies, a subsidiary of Nazara, received a show cause notice from the Director General of GST Intelligence, Kolkata for a proposed liability of Rs 845.72 crore. Another subsidiary, Halaplay Technologies, has a proposed liability of Rs 274.21 crore. Both claims cover the period from 2017-18 to 2022-23.
Nazara Technologies stated in a BSE filing that both subsidiaries are reviewing the notices with their legal counsels and tax advisors to determine their future course of action. “We wish to inform you of the following developments related to ongoing GST matters of the gaming industry on behalf of our subsidiaries,” the company said.
