Haryana tax demand of INR 1.23 crore reduced to nil

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HCL-INSYS · price

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

-2.8%Reaction day

₹13.42

prior close

₹13.43

announcement price

After-mkt

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Nifty Microcap 250market · in no size index; the smallest one is used-1.3%-1.4% vs market

Computers Hardware & Equipments peers, median of 16sector-0.5%-2.2% vs sector

On the reaction day the stock moved 1.4 pts less than Nifty Microcap 250 and 2.2 pts less than its Computers Hardware & Equipments 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

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Reaction day

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Next day

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UpDownMarket · Nifty Microcap 250Sector · Computers Hardware & Equipments peers, median of 16Pending

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AI summary

HCL Infosystems has received a rectification order from the Excise and Taxation Officer, Haryana, reducing a previous GST demand of INR 1.23 crore to nil. The demand related to non-payment of dues from the pre-GST period (April 2012 to March 2016) under the Haryana VAT Act, 2003. Following the company's submissions and clarifications, the order has been revised. The company states there is no subsisting demand and no material impact on financial, operational, or other activities.

Likely market impact

Positive. A prior tax demand of INR 1.23 crore has been quashed, removing a financial liability from the company.