Fortis Healthcare Limited has informed the Exchange about receipt of GST orders as per attached disclosure.
FORTIS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.1 pts less than Nifty Midcap 150 and 0.1 pts more than its Hospital peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
Fortis Healthcare has received GST orders from the State Tax Officer (Intelligence Division), Chengalpattu, Tamil Nadu, covering three financial years (2020-21, 2021-22, and 2022-23). The tax authority confirmed demands of INR 478.08 lakhs, INR 850.00 lakhs, and INR 811.53 lakhs respectively, including interest and penalty, totaling approximately INR 21.4 crores. These orders were passed after the company responded to earlier show cause notices, and the balance amounts from those notices have been dropped. The company is required to disclose this under SEBI Listing Regulations.
The confirmed GST demand of about INR 21.4 crores (including interest and penalty) is a modest financial hit relative to Fortis Healthcare's size, but it will impact short-term profitability and cash flows if paid. The company may appeal these orders, and the stock is unlikely to react significantly barring further developments.