ICICI Lombard General Insurance Company Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
ICICIGI · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.2 pts less than Nifty Midcap 150 and 1.0 pts less than its General Insurance 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.
The Bombay High Court has set aside an earlier GST adjudication order against ICICI Lombard that had confirmed a demand of ₹1,728.86 crore plus a penalty of ₹172.89 crore for the period July 2017 to March 2022. The company had challenged the order, which was issued by the Joint Commissioner, CGST & CX Thane Commissionerate in December 2023, by filing a writ petition. The Court noted that the GST Council had already considered the issue and issued related Circulars, and directed the adjudicating authority to re-hear the matter in light of those. The original order was linked to industry-wide issues. The company has stated there is no financial impact at this stage, as the matter is being remanded for fresh consideration.
Positive for shareholders — a potential ~₹1,902 crore (demand + penalty) liability has been quashed, though the matter is not fully closed as it has been sent back for re-hearing. Watch for the outcome of the fresh proceedings, which could revive the demand.