India's Sheela Foam near 4-mnth low after GST notice

Sheela Foam

05/10/2023 06:26

** Shares of mattress maker Sheela Foam  SHEF.NS  fall as
much as 4.2% to 1,062 rupees, lowest since June 12
    ** Co said on Wednesday it received show cause cum demand
notice from the Commissioner of GST Intelligence alleging 202.6
mln rupees ($2.4 mln) tax payment
    ** Notice alleges co wrongly availed transitional input
credit and other input tax credit of GST
    ** Stock last down 2.3%, taking YTD falls to ~17%
    
($1 = 83.2360 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))