Meesho Share Price Plunges 10% on ₹1,500 Crore Tax Demand for FY24
Meesho Share Price Slumps 10% Following Income Tax Demand
Meesho, an e-commerce platform, saw its share price decline by 10% on March 9 after receiving an income tax demand of ₹1,499.73 crore for the assessment year 2023-24. The company received the assessment order and demand notice through a filing with the stock exchange on March 7.
According to the filing, the income tax demand was made under Section 143(3) of the Income Tax Act, accompanied by a demand notice under Section 156. Meesho has stated its intention to contest the order through legal channels. The demand includes ₹1,499.73 crore in total, encompassing interest.
Company Profile:
- Company: Meesho
- Industry: E-commerce
- Date of Share Price Decline: March 9
- Assessment Year: 2023-24
- Income Tax Demand: ₹1,499.73 crore
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
Investor Takeaway
Investors should be cautious of potential tax-related headwinds affecting Meesho's share price.
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