SRF gets Income Tax rectification order reducing demand to Rs 9.46 cr

Regulatory & Legal View source PDF Explain this filing

SRF · price

Loading chart…

▲ 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

+0.0%Reaction day

₹2639.00

prior close

₹2656.60

announcement price

After-mkt

timing

Nifty Midcap 150market-0.0%+0.0% vs market

Specialty Chemicals peers, median of 95sector-1.2%+1.2% vs sector

On the reaction day the stock moved in line with Nifty Midcap 150 and 1.2 pts more than its Specialty Chemicals 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

-0.7

15m

-1.1

30m

-1.1

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+0.0-0.0+0.0-1.2+1.2

Next day

+0.1+0.8-0.7-0.7+0.8

-1.2+0.4-1.6-2.0+0.8

-0.5+0.9-1.4-1.3+0.8

+0.2+2.1-1.9-0.2+0.5

-0.8+1.8-2.6+0.0-0.9

-0.5+1.6-2.2+1.2-1.7

15d

-0.3+1.9-2.2+0.5-0.9

-1.4+2.5-3.9+2.8-4.2

-5.6-3.8-1.8+2.7-8.3

-11.0-8.1-2.8-6.0-5.0

UpDownMarket · Nifty Midcap 150Sector · Specialty Chemicals peers, median of 95Pending

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

AI summary

Income Tax Department's rectification order has reduced the original demand of Rs 327.44 crores (raised due to a technical error for Assessment Year 2022-23) to just Rs 9.46 crores. The order confirms the company's position that the original demand arose from a technical error. SRF is analysing the order to take suitable legal recourse on the remaining amount.

Likely market impact

Major relief for SRF as about 97 percent of the disputed tax demand stands reduced. Company may pursue further legal action on the remaining Rs 9.46 cr.