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Delta Corp Stock Prices Fall After FM’s 28% GST Decision

After the GST Council announced the 28% GST on the face value of deposits in online gaming yesterday, the stocks of Delta Corp tanked by 8% when the market opened this morning. 

It recorded an opening price of ₹189 at 9.30 PM, after closing at ₹196.50 yesterday at 3.30 PM. Finance Minister Nirmala Sitharaman announced the decision of levy of 28% GST on face value of deposits via a press conference at around 8 PM yesterday. Following the developments, the stocks of Delta Corp were expected to nosedive. 

As of 1.25 PM on 3rd August 2023, the stocks of Delta Corp were priced at ₹187.20 at a 5.07% low. It hit its lowest of the day by recording ₹181, while the highest it recorded today was ₹190. The day range for Delta Corp today is ₹181.10 – ₹190.00 so far.

Delta Corp is India’s first listed gaming company. The company has several subsidiaries in the gaming sector, including the online gaming platform Adda52, as well as onshore and offshore casinos in Goa, Sikkim and Nepal.

The only other listed gaming company after Delta Corp is Nazara Technologies. The stocks of Nazara Technologies broadly remained unaffected by the 28% GST decision. It recorded a closing price of ₹692.55 yesterday at 3.30 PM and opened with ₹692.45 this morning. In fact, unlike Delta Corp, Nazara Technologies is running at a spike of close to 2% today.

As of 1.25 PM, Nazara Technologies was priced at ₹700.10 at an increase of 1.09%. 

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