GST show cause notice for Rs 516.84 crore from Tamil Nadu tax authorities

Regulatory & Legal View source PDF Explain this filing

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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

₹237.78

prior close

₹235.19

announcement price

After-mkt

timing

Nifty Smallcap 250market+0.8%-3.6% vs market

Restaurants peers, median of 11sector+0.1%-2.9% vs sector

On the reaction day the stock moved 3.6 pts less than Nifty Smallcap 250 and 2.9 pts less than its Restaurants 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

-0.5

10m

-0.5

15m

-0.0

30m

+0.1

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-2.8+0.8-3.6+0.1-2.9

Next day

-4.7-0.6-4.1-1.7-3.1

-6.2-0.6-5.7-2.0-4.2

-8.9-2.2-6.7-2.6-6.3

-11.2-2.8-8.4-2.0-9.2

-11.3-2.5-8.8-5.4-5.9

-10.6-3.3-7.3-8.0-2.6

15d

-17.5-3.5-14.0-3.9-13.6

-17.6-10.3-7.3-14.9-2.7

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UpDownMarket · Nifty Smallcap 250Sector · Restaurants peers, median of 11Pending

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

AI summary

Sapphire Foods received a show cause notice dated 21 Sep 2026 from Deputy Commissioner (CT), Chennai under Section 73 of Tamil Nadu SGST Act 2017 for April 2023 to March 2024. The notice alleges inadvertent ITC utilisation and short payment of tax, amounting to INR 5,168.38 million. The company flags computational errors in the amount and says the claim is not maintainable. No material financial impact expected, and the company is evaluating its response.

Likely market impact

Large tax demand disputed by the company. No expected material impact on financials now, but response outcome could affect future tax liabilities.