Shares of Essar Oil tumbled nearly 6%, touching the day's low of Rs56.20, on reports that the Supreme Court (SC) has dismissed the company’s petition in sales tax case.
The company had filed a petition in the SC seeking a review of the apex court’s decision setting aside a ruling of the Gujarat High Court that allowed the company to defer payment of sales tax to the state government. Sales tax due to be paid in installments was about Rs 6,300 crore as of December.
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The company had filed a petition in the SC seeking a review of the apex court’s decision setting aside a ruling of the Gujarat High Court that allowed the company to defer payment of sales tax to the state government. Sales tax due to be paid in installments was about Rs 6,300 crore as of December.
....more info