Marine Electricals (India) falls on $1.8 mln GST demand notice

Marine Electricals (India)

18/10/2023 05:52

** Shares of integrated technical services provider Marine Electricals
(India)  MARN.NS  fall as much as 5% to 71.1 rupees
    ** Stock set to snap six consecutive sessions of gains if trend holds
    ** MARN on Tuesday got a goods and services tax (GST) notice demanding 148.8
million rupees ($1.8 mln) for Feb. 2018 to March 2021
    ** More than 675,000 shares change hands by 10:10 a.m. IST, 2.6x the 30-day
avg
    ** Stock last down 4.5%, cutting YTD gains to ~121%

($1 = 83.2275 Indian rupees)

 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com;))