Maruti Suzuki Shares Dip Over Rs 2,160 Crore Income Tax Draft Assessment Order

maruti suzuki share
maruti suzuki share

Maruti Suzuki Shares plunged on Wednesday after the company received a notice from the Income Tax (IT) department on October 3 for unpaid dues worth Rs 2,160 crore.

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 Maruti Suzuki’s share price fell nearly 2.4 per cent in early trade to an intraday low of Rs 10,095. As of 12:30 pm, the scrip was trading at Rs 10,151.90, down 1.88 per cent from its previous closing price on the National Stock Exchange (NSE).

 The country’s largest automaker said in a stock exchange filing on Tuesday that it has received a draft assessment order worth Rs 2,159.7 crore from the I-T authorities in respect of the income it disclosed in its income tax return for the financial year 2019-20. announced.

The company added in its filing that it intends to appeal to a dispute resolution committee. The exchanges and shareholders were assured that the draft rating order would have no impact on their financial, operational or other activities.

Maruti Suzuki also received a notice from the GST authorities on September 30 demanding Rs 139.3 crore as interest and penalty for the period from July 2017 to August 2022.

In September 2023, Maruti Suzuki reported its highest ever monthly sales of 181,343 units, up 2.8% (176,306 units) from the previous year.

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