Hindustan Foods Limited has informed the Exchange about Action(s) initiated or orders passed under Section 74 of the CGST/SGST Act, 2017.

HNDFDS · price

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Price reaction · full curve 14 horizons · vs prior close

-2.9%1-day move

₹515.00

prior close

₹510.05

base price

After-mkt

timing

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-1.0-1.4-0.9-1.2-2.9-4.0-4.3-3.7-5.2-3.2-4.1-5.0+4.6+6.9

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AI summary

Hindustan Foods has received a demand order from the Office of the Commercial Tax Officer in Tindivanam, Tamil Nadu, under Section 74 of the CGST/SGST Act, 2017. The order relates to an alleged excess refund released by the company for FY 2019-20. The total demand is approximately ₹4.95 crore, broken down into a tax penalty of around ₹2.24 crore and interest of around ₹2.71 crore. The company has stated that there is no material impact on its financials, operations, or other activities. Hindustan Foods is in the process of contesting the order.

Likely market impact

The company itself says the ₹4.95 crore demand is not material, so a big hit to earnings is unlikely, but the outcome of the legal contest will be worth watching. Near-term, the news may cause mild negative sentiment among investors until the matter is resolved.