GST penalty of Rs 10.61 crore upheld; company moves Gujarat High Court

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

-10.0%Reaction day

₹16.82

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Nifty Microcap 250market · in no size index; the smallest one is used+1.3%-11.3% vs market

Industrial Minerals peers, median of 12sector+0.7%-10.7% vs sector

On the reaction day the stock moved 11.3 pts less than Nifty Microcap 250 and 10.7 pts less than its Industrial Minerals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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Reaction day

-10.0+1.3-11.3+0.7-10.7

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-17.4+0.0-17.5-0.5-16.9

-21.2+0.5-21.7+2.8-24.1

-24.2-0.1-24.1+1.2-25.4

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-10.2+5.1-15.3+2.2-12.5

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-11.5+4.5-16.0-7.1-4.5

-22.1-2.4-19.7-14.4-7.6

UpDownMarket · Nifty Microcap 250Sector · Industrial Minerals peers, median of 12Pending

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

AI summary

Central GST authority imposed a Rs 10.61 crore penalty on the company via order dated Feb 3, 2025. The company appealed, but Commissioner (Appeals) upheld the penalty on Oct 29, 2025. Company has filed a writ petition in Gujarat High Court on Feb 27, 2026, which is pending. The disclosure to BSE was delayed due to internal review.

Likely market impact

Negative: Rs 10.61 crore penalty upheld at appellate level. Further litigation continues but outcome uncertain. May pressure financials if penalty holds.