IRFC gets GST show cause notice for Rs 396.91 crore

Regulatory & Legal View source PDF Explain this filing

IRFC · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

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

-2.8%Reaction day

₹79.28

prior close

₹78.70

announcement price

After-mkt

timing

Nifty 100market-0.9%-1.9% vs market

Financial Institution peers, median of 7sector-2.3%-0.5% vs sector

On the reaction day the stock moved 1.9 pts less than Nifty 100 and 0.5 pts less than its Financial Institution 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

Stock

-0.1

10m

-0.3

15m

+0.1

30m

-0.4

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-2.8-0.9-1.9-2.3-0.5

Next day

-3.5-0.4-3.1-1.2-2.3

-2.7+0.6-3.4-0.7-2.0

-3.8-0.2-3.6-0.1-3.6

-6.3-2.0-4.3-1.3-4.9

-5.8-0.8-5.0+0.3-6.1

+0.5+0.1+0.3+2.5-2.1

15d

-6.2-0.4-5.8-8.8+2.6

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UpDownMarket · Nifty 100Sector · Financial Institution peers, median of 7Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

IRFC received a show cause notice on 29 Sept 2026 from Joint Commissioner of State Tax, Hajipur under Section 73 of BGST/CGST Act 2017. The notice indicates about Rs 396.91 crore including interest and penalty for the period April 2022 to March 2023. Order has not been issued yet, so financial impact cannot be quantified. The company is preparing a detailed reply with help of tax advisors and will pursue legal remedies.

Likely market impact

Tax demand at notice stage, no order yet. Potential liability around Rs 396.91 crore. Company plans to file reply and contest.