GST demand notice worth Rs 4.26 cr for IPO-related tax credit disallowance

Regulatory & Legal View source PDF Explain this filing

AETHER · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

+3.8%Reaction day

₹1116.00

prior close

₹1123.50

announcement price

After-mkt

timing

Nifty Microcap 250market · index membership as recorded later (tracked since Jun 2026)+2.4%+1.4% vs market

Specialty Chemicals peers, median of 94sector+1.1%+2.7% vs sector

On the reaction day the stock moved 1.4 pts more than Nifty Microcap 250 and 2.7 pts more than its Specialty Chemicals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

-0.4

10m

+0.5

15m

+0.2

30m

+0.9

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+3.8+2.4+1.4+1.1+2.7

Next day

+5.0+2.2+2.8+0.9+4.1

+3.7+2.2+1.4+1.0+2.6

+5.2+1.9+3.3+0.9+4.3

+12.9+3.4+9.5+2.2+10.6

+9.9+3.3+6.7+2.0+7.9

+8.9+6.6+2.3+5.0+3.9

15d

-1.8+1.4-3.2+0.6-2.4

-1.4+5.6-7.0+2.0-3.4

+20.0+10.4+9.6+1.1+18.9

+31.9+12.1+19.9+3.4+28.5

UpDownMarket · Nifty Microcap 250Sector · Specialty Chemicals peers, median of 94Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Aether Industries received a show cause notice from the CGST & Central Excise Commissionerate, Surat demanding Rs 4,26,16,311 (~Rs 4.26 crore) plus interest. The tax department is disallowing input tax credit claimed on IPO-related expenses for FY 2020-21 and FY 2021-22. The company says there is no material impact on operations and will respond to the authority.

Likely market impact

Potential liability of Rs 4.26 cr plus interest; company says no material impact on operations but outcome is uncertain.