Winning Bizness Desk

Mumbai. The GST Council's decision to impose 28 per cent GST on casino and horse racing has not gone well with the industry and its impact is being seen on the shares of companies associated with it. The stock of casino company Delta Corp saw a significant decline in Wednesday's trading session and its stock fell by 25 per cent in intraday trading. The decision to impose Goods and Services Tax has also hit the stock of gaming company Nazara Technology. Stock market's Bigbull Rakesh Jhunjhunwala has holding in both the stocks. Due to the GST Council's decision to impose 28 percent GST (GST) on casinos, tremendous selling has been seen on the shares of Delta Corp in Wednesday's trading session. From Tuesday's closing price of Delta Corp was Rs 246.70, the stock fell straight down to Rs 181.70 during the day. That is, the stock fell by 26 percent or up to Rs.65 in the day's trade. At the close of the market, the stock closed at Rs 189.50, down 23.19 per cent. This is the biggest fall in Delta Corp's stock in a day. Earlier, the company's one year low price was Rs 172.30, which was seen on July 12, 2022. The stock of online gaming company Nazara Technologies also opened with a heavy fall. From Tuesday's price of Rs 706.50, the stock opened by falling directly to Rs 640 on Wednesday. But after this recovery was seen in the stock. And at the close of the market, the stock closed at Rs 688.45 with a fall of 2.55 per cent.

Industry disappointed

In fact, in the GST Council meeting chaired by Finance Minister Nirmala Sitharaman, it has been decided to impose a uniform GST of 28 percent on online gaming, casino and horse racing. The industry believes that this could have an impact on the online gaming and casino industry. Due to this fear, heavy selling has been seen in the stock and it may continue in coming days.