GST penalty order of Rs 65.81 lakh, company to appeal

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HINDOILEXP · price

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

-1.5%Reaction day

₹134.60

prior close

₹135.04

announcement price

After-mkt

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Nifty Microcap 250market · in no size index; the smallest one is used-0.2%-1.4% vs market

Oil peers, median of 15sector · industry level+1.0%-2.5% vs sector

On the reaction day the stock moved 1.4 pts less than Nifty Microcap 250 and 2.5 pts less than its Oil peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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Next day

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UpDownMarket · Nifty Microcap 250Sector · Oil peers, median of 15Pending

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AI summary

Company received an order from the Joint Commissioner (Service Tax), Chengalpattu, imposing a penalty of Rs 65,81,478 along with tax demand and applicable interest. The issue relates to non-payment of GST on royalty paid to the Government of India on production of gas and condensate from block PY-1 in the Cauvery basin for 2019-2020. The company believes no GST is applicable on such royalty and intends to file an appeal with the Appellate Authorities. It does not expect any material financial impact.

Likely market impact

Company will appeal; expects no material financial impact. Penalty is small relative to overall business.