GST authority confirms Rs 4.06 cr ITC demand with equivalent penalty; company to appeal

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

+0.4%Reaction day

₹206.40

prior close

₹207.60

announcement price

In-mkt

timing

Nifty Smallcap 250market-0.6%+1.0% vs market

Pharmaceuticals peers, median of 173sector+0.5%-0.1% vs sector

On the reaction day the stock moved 1.0 pts more than Nifty Smallcap 250 and 0.1 pts less than its Pharmaceuticals 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

+0.1

15m

+0.4

30m

+0.6

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+0.4-0.6+1.0+0.5-0.1

Next day

-0.2-0.4+0.2-0.4+0.2

-3.9-1.5-2.4-1.3-2.6

-5.6-1.2-4.5-1.6-4.1

-2.7+0.2-2.9-1.0-1.7

-1.5+0.3-1.8-1.1-0.4

-4.5-1.6-2.9-3.2-1.3

15d

-5.6-5.6+0.1-7.3+1.7

+11.8-4.3+16.1-5.2+17.0

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UpDownMarket · Nifty Smallcap 250Sector · Pharmaceuticals peers, median of 173Pending

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

AI summary

Piramal Pharma received a GST order from CGST Mumbai East confirming an ITC demand of Rs 4.06 crore for FY 2020-21 to FY 2022-23. An equivalent penalty of Rs 4.06 crore plus interest has also been imposed. Issues relate to post-demerger transition invoices, ISD registration credits, and cross-charges from Piramal Enterprises. The company disagrees and plans to appeal, stating no material financial impact.

Likely market impact

Demand and penalty together total about Rs 8.12 crore; company plans to appeal and sees no material impact on operations or finances.