India's Chalet Hotels falls making GST payment after search proceedings

Chalet Hotels

28/07/2023 09:42

** Shares of Chalet Hotels  CHAL.NS  fall as much as 3.53%,
steepest intraday pct fall in five months, to 471.50 rupees
    ** Slide after the company makes Goods and Services Tax
(GST) amounting to 107 mln rupees ($1.30 mln)
    ** Development after GST authorities conducted search
proceedings at company's premises earlier this month 
    ** GST officials identified matters relating to input tax
credit for period between July 2017 and fiscal year 2023
    ** Of the eight analysts tracking CHAL, five maintain
"strong buy" and three suggest "buy"; median TP is 512 rupees -
Refinitiv data
    ** Stock up 37.23% in 2023 so far including Friday's moves
comapred to 8.19% rise in Nifty 50  .NSEI  index


($1 = 82.2393 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))