Phoenix Mills shares slip over 2% on tax demand notice from GST dept

Shares of The Phoenix Mills Ltd slipped over 2% in early trade today after subsidiaries of the real estate firm received a show cause cum demand notice from GST authorities dated September 27. The company said it intends to contest the matter at an appropriate forum.   

Phoenix Mills stock slipped 2.59% to Rs 1802.55 against the previous close of Rs 1850.50 in early deals on BSE. Market cap of the firm fell to Rs 32,284 crore. The stock has a beta of 0.6, indicating very low volatility in a year.  

The real estate stock has gained 27% this year and risen 36% in a year. Total 1154 shares of the firm changed hands amounting to a turnover of Rs 20.91 crore.   

In terms of technicals, the relative strength index (RSI) of Phoenix Mills stands at 57.8, signaling it's trading neither in the overbought nor in the oversold territory. Phoenix Mills shares are trading lower than the 5 day, 10 day, 20 day but higher than the  30 day 50 day, 100 day, 150 day and 200 day moving averages.    

“We wish to inform you that subsidiaries of the company viz. Vamona Developers Private Limited, Offbeat Developers Private Limited, Market City Resources Private Limited, Pallazzio Hotels & Leisure Limited, have received show cause cum demand notice(s) dated September 27, 2023 from the GST authorities for payment of tax liability in relation to discrepancies alleged by the GST authorities during the course of their investigation in May 2023, along with the applicable interest and penalty for the tax period July 2017 to March 2018,” said  Phoenix Mills in a communication to BSE.  

The Phoenix Mills is engaged in the development and leasing of commercial and retail space. 

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