Announced Thu, 2 Jul · 22:05 IST
Income tax penalty of about Rs 2.45 crore for AY 2016-17, company to appeal
Business Updates View source PDF
RPOWER · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Price reaction · full curve 14 horizons · vs prior close
-5.1%1-day move
₹26.58
prior close
₹26.90
base price
After-mkt
timing
5m10m15m30m1D2D3D4D5D7D15D1M2M3M
-2.4-2.3-2.8-3.1-5.1-5.9-6.9-6.5-5.2-7.7-9.0———
Up moveDown movePending
AI summary
Reliance Power received an income tax penalty of Rs 2,44,93,394 (about Rs 2.45 crore) under Section 271(1)(c) of the Income-tax Act for Assessment Year 2016-17. The penalty relates to disallowance under Section 14A read with Rule 8D and a transfer pricing adjustment. The company states there is no material impact on operations beyond this penalty amount and plans to appeal before the Appellate Authorities, expecting a favourable order.
Likely market impact
Minor one-time financial hit of about Rs 2.45 crore; company plans to appeal. No material impact on operations expected.